Stated income loans are still available in Lake Tahoe. As of October 1, the rules have been changed regarding stated income loans. However, Lake Tahoe has many homes that are either second homes or rental properties. Second homes and rental properties are exempt from the new laws regarding stated income loans.
If you own or want to buy a second home or rental property in the Lake Tahoe area, there are stated income loans available for:
- up to $10 million
- unlimited cash-out
- flexible credit scores
- up to 75 percent of the property value
- bridge financing
Do you need help structuring a loan, or getting a rate quote? Call me at (650) 222-0386, or e-mail me.
This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change without notice. This is not an offer to enter into a rate lock agreement under any state law.
Phil: Just had to comment based on your last name. (Same as Mine) Not many Caulfield's around in Michigan. Just joined the group and active rain. Hope business is good!
TOM
Tom,
There's lots of Caulfields in the DC area. As a matter of fact, my Uncle Tom owns Chubbys Barbeque in the Emmitsburg Maryland area - google it, you'll get a kick out of it!
Phil
Thanks for posting this. I am able to originate stated income loans and mortgages in the northeast (NJ, NY and CT) but am currently not working with anyone in California. In fact, I may have one or two customers in CA who could fit.
Eric J http://www.dreamhomefinancing.com
Eric,
Thanks for the comment -maybe we can refer each other some business!
Phil
That would be great. Are you only doing Jumbo Stated? Are there county restrictions? If possible, please send me the basic guidelines. I may have a loan or two for you now.
Eric
Eric,
Generally our stated income program requires a minimum loan amount of $500,000. There are no county restrictions. Send an e-mail to phil@rmcreloans.com, and I will send you the ratesheet.