Conventional limited documentation loan program

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I know many buyers who are looking for a conventional limited documentation loan and are having difficulties finding one. In this day and age these types of loans with respect to conventional institutions are very scarce and hard to obtain. I did however, managed to find one program that worked very well for me in two transactions. Unfortunately since last year this program tightened up a bit and showing signs of becoming a very hard bargain. The lender in this case is East West Bank that currently still offers a stated income programs.

The two programs I used in 2011 are 3yr ARM 30yr @ 5.125% with a minimum of 35% down payment. The only requirement was a credit score of at least 720 and of course having at least 35% of appraised value. This could be used for owner occupied or an investment property. No tax return or employment verification were required. The lender fee for this loan was $900 per transaction and no points. Since the beginning of the new year EWB tightened the requirement for the down payment to 50% from what I heard but not verified. They also capped the number of loans per borrower to two.

Although not perfect, this would be the only conventional stated income loan program that I know of (in southern California). If you are looking for this type of loan contact East West Bank directly and they will have all the up-to-date information. I am always looking for creative ways to help my clients bypass the strict guidelines of federal backed lenders. If you know about more conventional lenders that offer limited documentation programs, please post about it here for me and other readers to see.