Tag: stated income
Further tightening of credit guidelines
For those of us who have been hoping for the credit markets to show signs of stabilization we can keep on waiting. Freddie Mac announced last week that they would no longer issue or accept underwriting approvals knows as “accept plus” approvals. These approvals, which were mostly earned by borrowers with high credit scores and [...]
Posted: November 3rd, 2008 under Credit Crisis, General Mortgage Info., Mortgage Qualification.
Tags: accept plus, credit tightening, elimination of accept plus, Freddie Mac, stated income
Comments: none
It’s the end of an era……
Wells Fargo announced today that after March 28, 2008 they would no longer accept “stated income” applications. “Stated Income” loans grew popular over the past few years especially for applicants who were self-employed and reported large deductions on their tax returns. The program allowed applicants such as this to “state” their income on their application [...]
Posted: March 17th, 2008 under General Mortgage Info., Mortgage Programs, Mortgage Qualification.
Tags: credit collapse, stated income
Comments: none