are there any mortgage lenders out there that have “stated disability” programs?
Tags:aswell, debt consolidation, home improvements, mortgage lenders, mortgage loan officer,
5
i am debt loan military officer as well as have a customer who needs to take out a loan/refinance for debt converging as well as home improvements. he usually owes a small over ,000.00 upon his home as well as it appraised during 0,000.00. he wants to steal 0,000.00, so there would still be 0,000.00 of equity left. his credit is poor, to illustrate a need for debt consolidation. as well as he is infirm with a minimal monthly disabilty check. ofcourse, his mother is upon pretension aswell, though her credit is worse, though she does have a monthly income of a really medium amount. a actuality which he recieves incapacity does uncover up upon his credit report, however, a dollar volume does not. what can be finished for this family? have been there any debt lenders out there which have "stated disability" a program? greatfully reply if we have been a lender which can help,or have report upon a theme which could help. appreciate we so much.
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Jmac Lending
Eric Nguyen
949-310-1288
I don’t think there is a product for stated fixed income. What is the age of the customer? If he is 62 or older you may want to look at a reverse mortgage. Can he use his bank statements (6, 12, or 24 mo) as full doc or a reduced doc product. I really would need more information to specify a product, but generally speaking these may be the options available.
I believe that the disabled are a protected class, which means lending decisions cannot be based on this information, nor race, religion, sex, etc. etc. Therefore, I would not expect to see a "Disability Program" any more than I’d expect to see a "Woman Only Loan".
That said, I’m sure that people collecting social security or disability can use that income (as long as its expected to continue) to qualify for a mortage. You might need to read the various guidelines for the major lenders and see if they discuss disability income…
I also believe that any documentation level from stated income to no doc should allow for your borrower to simply say they have some amount of income, and it be good enough.
stated fixed income = fraud. as a loan officer you should know better or get better training. No lender in their right mind would do such a loan.
yes there are!!!! i am a broker in New York if you like to email me. and as for it being fraud it is not people should say nothing if they dont know. there are banks that will accept stated disability