Needed guidance in respect of loans

[jeffreycruz]

I’ve got great credit, but every lender I talk to tells me that I don’t have enough income to qualify for a loan. I’ve asked about “stated income” loans, but they tell me investor stated income loans are so expensive it doesn’t make sense to use them. There have always been no money down “gurus” out there that claim they can do no credit, no down deals. Does anyone know if this is really possible and are there any good “free” resources for this information?

[jIM_Ohio]

What is the loan for, how much do you want to borrow, and what is your income?

[disneysteve]

Obviously, your income is a factor. If you have an 800 credit score but only earn 30K nobody is going to give you a 300K mortgage.

How much are you trying to borrow and for what purpose, and what is your income?

[maat55]

Regulations on lending are much more stricter now than in the past. I happen to think it is for the better. I was shocked though to find that I can get an 100% loan on my commercial building with a lien against my primary residence.

[bankaround]

What is the loan for? If you are looking for a quick flip, you can always look at a hard money loan but those are just as expensive. Another way out instead of a hard money loan is to assign the contract to someone for a fee.

If you are looking for a loan for a primary residence, stated income is something a lot of investors try to avoid right now.

[Seeker]

I’ve got great credit, but every lender I talk to tells me that I don’t have enough income to qualify for a loan. I’ve asked about “stated income” loans, but they tell me investor stated income loans are so expensive it doesn’t make sense to use them. There have always been no money down “gurus” out there that claim they can do no credit, no down deals. Does anyone know if this is really possible and are there any good “free” resources for this information?

A history on "nothing-down" and a couple of books that this author is marketing (maybe available at your public library)...

Nothing down? by John T. Reed

Buying real estate for little or nothing down is possible. It is also difficult and not advisable for many people. The four legitimate techniques are:

1) specific government and private programs to make high loan-to-value-ratio owner-occupied mortgage loans
2) loans from sellers for whom the mortgage is a “suitable” investment
3) 100% loan-to-purchase-price-ratio mortgages on bargain purchases where the loan-to-value ratio is 80% or less
4) loans where the borrower or a guarantor has such good credit that the lender is willing to make the top 20% of the loan on an unsecured basis