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Updated over 17 years ago on . Most recent reply

User Stats

146
Posts
5
Votes
Mark A.
  • Real Estate Investor
  • Orlando, FL
5
Votes |
146
Posts

Good Credit, Questionable Income!

Mark A.
  • Real Estate Investor
  • Orlando, FL
Posted

Hey
Can anyone help with this one?
With regard to getting a hard money loan, there are 3 of us in our group and we are obviously using the person with the best credit to get the financing for our flips.
That person has a credit score of just over 800 BUT doesn't show much at all in the way of income. He works in a literally "all cash" business and let's just say, his money rarely goes anywhere near one of those things we call a bank!

My question is, with his 800+ credit score, can we go for a(cough) "stated income" loan??
If so, if anyone handles these and wants to tell me about them, please do.

Thanks

Mark

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