Is stated income still around today?

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[quote author="Kali" date=1210519079]Heard from some people you can still do a stated income loan, is this true?

Will this be around in a few years?</blockquote>


Do a searchy. But, yeah, still can BUT, you need your 1040's, bank records and good fico.
 
stated income still around, and sometimes the rates are the exactly the same as full doc. However, it is automatically decided by the "automated underwriting" system in at least one of the major direct lenders. If you use brokers, you won't get this.
 
I dropped by Countrywide last month and they informed me they can still do stated income loans. However, they do ask you to sign the IRS form giving them access to your tax returns if they decide to investigate (which the officer states they usually don't do depending on your credit score and whatever other docs you can provide to them). Course, whether or not they approve you is still up to them.
 
[quote author="lawyerliz" date=1210548149]How can it be considered "stated" if you have to supply all

that info.



If you state more than you can show, will they believe you?</blockquote>




they only ask for 1040 and fico. they don't look really deep. you can call it semi stated.
 
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