News on Youtube May 24 2018

Hey this is Scott Hastings with Mortgage by Scott.

I hope you are doing ok today.

I want to talk to you about a dirty word.

This is a dirty word you might not have heard since 2008.

That word is...STATED INCOME LOANS.

That's right I said it.

They are back under certain circumstances.

A stated income loan is basically what it sounds like, you state on the application

what your income is.

There is no income verification.

Basically that is backed up by your large down payment.

A stated income loan is going to require at least 25% down.

In the regulatory environment that has been in place since after 2008, Dodd Frank and the ability

to repay, stated income loans right now are only for the purchase of investment properties.

And you can get a stated income loan if you are a foreign national.

In this case the definition of a foreign national is someone who DOES NOT LIVE IN THE US, does

not have a Visa, they only have a passport and visit the country.

So they can buy a vacation property, a second home in the United States.

All they really need is a passport and money that can be documented in a US bank account

and...that's it.

So these loans are obviously going to come with a higher interest rate, but the trade

off is they are there if you need them.

Also you can buy properties for business purposes.

So you can buy a building strictly for business purposes, which would basically be a commercial

loan you can do that as well.

If you have any other questions about stated income mortgages or other ways to document

your income and buy a primary residence just give me a call.

Again Scott Hastings at 704-890-7168