Charlotte NC|Stated Income Loans- Not Quite Dead Yet.
April 10th, 2008 Categories: Real Estate News
Stated Income Loans Live in Charlotte NC…
but just barely!
Stated Income products have gotten a really bad name lately. This is partly due to real abuses of the product and partly due to the over-hyped under-researched rants of the national news media. Just like any story there are always two sides.
Stated Income loans were designed to help self-employed borrowers qualify for mortgages even though they might not be able to show ample tax documents to verify their income. They weren’t meant to be used as a way to lie about or “inflate” the income. Many people don’t realize how strict and precise the guidelines are for self-employed borrowers. It can be very difficult for a very creditworthy home buyer to prove their income.
Fannie Mae and Freddie Mac have recently retired their stated income programs. Fortunately, we still offer stated income verification for self-employed borrowers only. I don’t know how much longer it will last, but the program is alive for the moment. The good news is that the rates are very good! I just quoted a customer a 30 Year Fixed Rate loan with stated income verification 5.875% with 1 discount point. That is not bad at all!! Rates change daily and every situation is different, but if your credit is strong and you have at least 10% for down payment, you can estimate your rate should be somehwere between 5.875% to 6.75%.
The most important point is that if you’re self-employed and might need stated income verification… act now! Tomorrow may be too late.
Olan Carder
Myers Park Mortgage
Thanks Olan- quality Stated Income loans fill a real need– us Real Estate folk like their ability to get good credit customers loans at reasonable rates… I’m glad they are still here.
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Hi Terry,
What a beautifully layed out blog. Your town is gorgeous and you really know how to show it. Your articles are informative and well written.
Mike Wiegert
Broker
Chico Homes
Chico, CA