Are stated income loans BAD?
It seems like open season right now on lenders who have issued Stated Income loans over the last several years. Here is a brief introduction to stated income loans.
Historically, when applying for a mortgage, potential borrowers would take their paycheck stubs and the (hefty) down-payment to their local bank, sit down [...]
Mortgage and Home Loan Information
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If you are deep in the loan process, I hope your loan officer is keeping you informed. Or at least, as informed as possible. Lenders seem to be dropping off like crazy right now. Loans submitted to lenders, some even “clear to close”, are eclipsed by the dreaded ” thank you for your past business, but we are ceasing operation” email. You think the Nigerian-millions-waiting-for-your-bank-account email is rampant, just take a look at the number of lenders shutting down.
OUCH!
What does this mean for a borrower? TALK TO YOUR LOAN OFFICER (assuming he/she is still employed). With lenders shutting down daily, it is harder to find program guidelines than it is to find a rate.
