FHA streamline refinances were/are pretty simple. It seems that a few people out there (maybe more) took advantage of the simplicity and now that program too is headed for more regulatory stipulations. To bring back stated income loans seems to be going back a step or two even with stipulations. I’m torn. Maybe certain lenders that have the ability to portfolio some of these programs will come out with it eventually. Let’s face it, we’re Americans, we’re going to make the same mistake over and over again. Let’s just hope it’s not as ridiculous as before.

My self employed clients would like to see some relief and it would be nice to offer a specific, strict program for them that genuinely helps versus a band-aid loan. It seems like once we have new regulations, the ones that are still standing like you and me will find a new path around the obstacle. Lenders seem to work in the same way. They too will find a way to remain standing. Look at Jumbo Loans for instance, they’ve come back in a big way.

Have Faith,

Jonas

Do you have an opinion on this? It seems that ths is a small step that is much needed to help the real estate market in California. The next move needs to be the re-introduction of stated income programs (with stipulations) OR the ability for self employed borrowers to use income that is closer to gross rather than the net referenced on their tax returns.

Your thoughts?
EricJ
http://www.dreamhomefinancing.com