Here is a copy of a genuine stated income loan approval, dated today,  from an underwriter at a national lender — personal details have been blanked out:

Based on the information provided on the 1003 and the credit report it appears the income for this borrower is reasonable. Borrower has liquid assets in excess of annual stated income. Credit lines have high limits with low balances. Borrower has good credit, 2nd home with low LTV.

This is what it takes to get approved for a stated income loan these days — savings that make the income claimed appear realistic, and check out the statement about credit: HIGH limits, LOW usage. So even if you don’t need it, when your credit card company offers to increase your limit just say yes. And if they don’t offer you can always ask them for an increase. The loan you save may be your own.

Tags: how to get approved, state income loan approval, stated income home loans, stated income loans

This entry was posted on Wednesday, May 14th, 2008 at 3:14 pm and is filed under Daily Pick. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.