Who here has purchased a house with a "stated" mortgage? - GoFuckYourself.com

detoxed · 07-18-2004, 04:30 PM

Were you happy doing a stated mortgage? Run into any problems or have any advice?

Ice · 07-18-2004, 04:31 PM

I just pay cash

Veterans Day · 07-18-2004, 04:33 PM

its no different, obviously your credit is worthy of a stated loan. Its no different from a full doc as far as amortization goes and so forth

detoxed · 07-18-2004, 05:05 PM

Quote:

Originally posted by Veterans Day
its no different, obviously your credit is worthy of a stated loan. Its no different from a full doc as far as amortization goes and so forth

sweet

Wilbo · 07-18-2004, 06:00 PM

I've bought 2 houses and gotten 2 houses refinanced with stated income loans...........no problems, the rate is just a 1/4 or so point higher.

Veterans Day · 07-18-2004, 06:02 PM

Quote:

Originally posted by Wilbo
I've bought 2 houses and gotten 2 houses refinanced with stated income loans...........no problems, the rate is just a 1/4 or so point higher.

<spam>come over here www.insidethebroker.com and I can tell you how to avoid that bullshit.

</end spam>

Peaches · 07-18-2004, 06:04 PM

I looked into it and the interest rates were higher. Even after deducting everything but the dogs, I had more than enough on my last two tax year returns to get it with the better rate so I went that route instead.

Edited to add: My tax returns were enough because I bought a VERY inexpensive and small house. ;)

Veterans Day · 07-18-2004, 06:06 PM

Quote:

Originally posted by Peaches
I looked into it and the interest rates were higher. Even after deducting everything but the dogs, I had more than enough on my last two tax year returns to get it with the better rate so I went that route instead.

it's not for people who can show the necessities obviously. The broker gets hit for an .125-.250 so he tacks it on but theres ways around that easily. But if you can show income why bother.

lil2rich4u2 · 07-18-2004, 06:08 PM

when we underwrite stated loans the rate is .25 higher, and sometimes you may run into an LTV difference if your mid fico is below like 550

thats about it really.

Veterans Day · 07-18-2004, 06:10 PM

Quote:

Originally posted by lil2rich4u2
when we underwrite stated loans the rate is .25 higher, and sometimes you may run into an LTV difference if your mid fico is below like 550

thats about it really.

you guys are doing stated's at below 550?

Subprime at its finest

07-18-2004, 04:30 PM	#1
detoxed vip member Join Date: Jan 2003 Posts: 17,798	Who here has purchased a house with a "stated" mortgage? Were you happy doing a stated mortgage? Run into any problems or have any advice?

07-18-2004, 04:31 PM	#2
Ice Confirmed User Join Date: Nov 2002 Location: Sunny California Posts: 26,053	I just pay cash __________________ icq 1904905

07-18-2004, 04:33 PM	#3
Veterans Day Confirmed User Join Date: Jul 2003 Location: The Windy City Posts: 8,403	its no different, obviously your credit is worthy of a stated loan. Its no different from a full doc as far as amortization goes and so forth __________________ Build a Massive Traffic Network, Hands FREE, Totally Automated

07-18-2004, 06:04 PM	#7
Peaches Old broad Join Date: Oct 2002 Location: Away Posts: 13,933	I looked into it and the interest rates were higher. Even after deducting everything but the dogs, I had more than enough on my last two tax year returns to get it with the better rate so I went that route instead. Edited to add: My tax returns were enough because I bought a VERY inexpensive and small house. ;) Last edited by Peaches; 07-18-2004 at 06:06 PM..

07-18-2004, 06:08 PM	#9
lil2rich4u2 ICQ: 175171926 Join Date: Oct 2002 Location: New York, NY Posts: 11,046	when we underwrite stated loans the rate is .25 higher, and sometimes you may run into an LTV difference if your mid fico is below like 550 thats about it really. __________________ HEY!! Unbeatable hosting! Customer service is top notch! --> ISPrime <-- Do a search on any board, their reputation is rock solid .. for years!!

07-18-2004, 06:00 PM	#5
Wilbo Confirmed User Join Date: Mar 2001 Location: Baltimore Posts: 2,082	I've bought 2 houses and gotten 2 houses refinanced with stated income loans...........no problems, the rate is just a 1/4 or so point higher.