Video Gives Details on How to Get a Stated Income Loan in 2013
New Contact Information for Bill Rayman
Bill Rayman Home Mortgage12121 Wilshire Blvd
LA CA 90025
Part of the meltdown in the real estate and mortgage business during 2007 had to do with the notorious use of stated income loans. Lenders would ask you to promise to tell the truth on an application about your income, and the underwriters took your word for it. The inappropriate use of stated income loans didn't mean that stated income was a bad idea. However, for a time there was a reaction to the abuse and it was almost impossible to get a loan without massive documentation of your income stream.
Some of the potential borrowers who were hurt by this included those with imputed income from investments that was hard to document, those who were self employed and may have been using legal tax avoidance methods to reduce income, very wealthy individuals who no longer work, and those whose income may vary widely from year to year.
Today, the lenders have methods for reviewing your overall assets and your claims that will give them enough comfort to give you a mortgage. This is very unlikely to be a loan you can get at your local bank. However, a competent mortgage broker, should be able to help you through the process if the numbers are realistic. Please enjoy the video for more details.
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