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Updated over 5 years ago,

User Stats

25
Posts
2
Votes
Colton Joseph
  • Austin, TX
2
Votes |
25
Posts

Stated Income loans; are they back??

Colton Joseph
  • Austin, TX
Posted

Hello all, first let me start off by saying I have been reading some threads about the return of stated income loans, which appear to be picking up traction again. 

I am a real estate investor looking for a stated income loan for a small new build as my personal residence (30 year mortgage.) Do any of you have any suggestions for new build stated income loans? I would like a fixed rate for as long as possible; maybe 5 years?

Here's what I will have at the time of loan. I hope to be ready to start in the next 2-3 months. I haven't got bids yet, but expect the build to be 140k, and I expect to put 20%-30% down in cash.

Homesite: Lot in Austin TX area worth 35k.

FICO Credit Score: should be 720+ by time of loan.

Income: 40-50k per year

Employment: Self employed with no W-2

Liquid assets (cash and/or investment real estate): 100k+

I'm just looking to make some future contacts, and get an idea of what to expect on interest rates.

Thanks!

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