Comments on: Bring Back the Stated Income Loan

By: TigerTom@Spanish Property For Sale

TigerTom@Spanish Property For Sale — Mon, 16 Nov 2009 20:01:45 +0000

Property in East or West ‘UpMarketArea’ gets pushed as being a bargain during a boom. After the bust, only ‘UpMarketArea Central’ retains its value.

When vanity projects start going up the smart money starts getting out.

Location is still the key criterion. If you can find a bargain in an upmarket area, get stuck in, I say.

By: Mike In Southlake

Mike In Southlake — Sun, 04 Oct 2009 23:56:16 +0000

Yes we are still waiting for the stated loan. Bring it baclk. I have to refi next year and i would like to have it back
Mike In Southlake´s last blog ..Santa Fe Enclave Your Premier Gated Community in Keller ISD!

By: Juan Rodriguez

Juan Rodriguez — Fri, 01 May 2009 00:43:41 +0000

Your an idiot for recommending state income loans. If there is a remote possibility that someone can lie then take it away even if it helps some honest people because even somewhat honest people will start lying (it is an addiction) eventually if everybody else is doing it and making a profit- it is human nature. If there anything this bad economy has shown is that people can lie and are not to be trusted with money (the good book says the same thing), do not give them another opportunity to lie. You need more regulation that are enforced-law without enforcement is just scoffed at by most people-human nature again.

By: Patty

Patty — Mon, 20 Apr 2009 17:44:37 +0000

The reason that the stated income failed, is because the people wnated larger and more expensive homes then they could afford. Some Lenders were to happy to give in to that. The almighty dollar motivated them whether is was right or wrong. I personally reviewed there income statements, and together is was very easy to see what they could afford so they would not be house poor. Many times they were insistent. I do not believe it was totally the banks fault. There are many good LO’s out there that do care about the customer and their reputation.
So lets take a look at the whole pic. The realtor has a home, they want to sell, the couple is set on that home whether it have been overpriced or not.. (after all that is the best of the best no matter their financial situation) then we come in to the pic, as Loan officers. And say this is what you are looking at for a monthly outgoing expense and money for leisure you decide. At that point they know longer want to work with me, the dream bubble was popped so they go to the broker that does not care. ( all is happy till they realize they cannot afford the payment with expenses that came up that were not expected. That is how it fell out.. NO one person to blame.
Just the way I feel, and have seen. thanks

By: Dan

Dan — Fri, 03 Apr 2009 14:53:52 +0000

What is happening today is that those who have been irrespoinsible, who have bought homes they could not afford, who had terrible credit, are now being rewarded by having their loans modified, their interest rate reduced, and even their principal reduced. By contrast, those who have been responsible, who hava an excellent credit, who are willing to risk their own money by putting 20% down, are being turned down when applying for a loan.
A responsible person knows what he can afford and what he cannot and does not need big brother to second guess him. If one has a good credit, and has never been late on any payment, it means that person knows what he is getting in, knows how to manage his finances and is an excellent risk. By contrast being able to show a job with an income, is far from guarantee that timely payment be made. One can loose his job. One can have othre problems. A responsible person will not go ahead and lose his 20% or 20% down payment, he will only get a house he knows he can afford, and his good credit is a proof that he is able to manage his finances. The insistence on “full doc” loan, only hurts the economy and the housing market, keeping buyers out of the market, and adding to the housing problems. in fact, the irony is that it keeps the prices downs, thereby actually increasing the number of forclosures, as more and more owners find themselves with negative equity.

By: Cash advance

Cash advance — Mon, 09 Mar 2009 16:33:55 +0000

Very informative post. I agree now the economy is slow and everyone is facing recession but I think this is the best time to get some house because the prices are low now.There are many kinds of loans are available choose anyone and utilize it for the future.

By: Kenneth@Dallas Real Estate

Kenneth@Dallas Real Estate — Fri, 06 Mar 2009 00:03:28 +0000

I completely agree. Stated income loans need a place on our market. I secured a stated income loan on last property I purchased here in Dallas. Many self employed agents depend on these types of loans and are hindered by the decutions taken out to lower income because of business expenses

By: Colleen Lane

Colleen Lane — Thu, 05 Mar 2009 03:15:21 +0000

Great, informative post! I would have to agree with Lorraine who commented earlier that it seems like more houses would seel as they are at such low prices, but with people having so much difficulty getting loans, this isn’t the case. Something needs to be done to find a solution.

By: Todd Covington

Todd Covington — Mon, 02 Mar 2009 20:45:37 +0000

I love the idea. Funny that it’s probably the way it should have been done the whole time. With loan shark and people exaggerating their incomes, we have gotten ourselves into quite a mess.

I go against the grain on this but I actually think the slow down in real estate will be good for the long term in American. No regulations which should have already been in place are finally being implemented. These rules will benefit us all as people who can actually afford a load will get them and those who cannot will be out.

Stated income should be the primary way to get a loan anyway.

By: red lodge real estate

red lodge real estate — Mon, 02 Mar 2009 02:04:04 +0000

This post informs me a lot. I will comeback here for more articles.