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    New Signs That Loan Restrictions Loosening up: Stated Income Loans Are Back

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    Self- employed can now be verified for a home mortgage loan.

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    The housing market is hot right now with gains of 16 to 20% over the past year in many California counties, according to Trulia Price Monitor. Self -employed borrower’s are now able to get a loan since stated income loans are back for those who do not have a job with a tax return or W-2’s.

    “Prior to the housing crisis, lenders did not always verify the borrowers’ income in a stated income loan,” says Rob Chomentowski, a senior loan officer with Affinity Financial. He continues, “Today, mortgage lenders want to see at least two years of self -employed borrower’s Schedule C.”  This is the tax form that shows income or loss from a business. If the Schedule C shows an increase between year one and year two, the lender will average the two.  If the second year ScheduleC shows a loss, this will be the income the lender uses.

    Salaried borrowers must be in the same line of work for at least two years, and self-employed must also be in the same business for two years too.  Chomentowski states, “Other documentation the borrower will have to provide the lender is proof of assets, for their down payment ,and  they must also be able to show cash reserves.”

    Since there are almost 10 million self-employed Americans according to the Small Business Administration, this is great news for many self-employed  and investors who have wanted to get a mortgage loan. Just last year, applying for a mortgage for those self- employed was nearly impossible since mortgage lenders had imposed strict requirements. Now, with stated income loans in San Diego, and other parts of California back in play, those self- employed wanting to enter into the housing market have a chance.

    The down payment requirements for houses up to $417,000 is 20%; $625,000 is 25% down; 1 million is 30% down; 2 million is 40% down. The loan type available is a 5 year fixed ARM.

    To get your questions answered including if you qualify for a FHA, stated income, VA, jumbo, or traditional loan, please call Rob Chomentowski at 858-922-7899 or email him at homeloan8 @gmail.com

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