STATED GEORGIA MORTGAGE LENDERS

STATED GA MORTGAGE LENDERS<>STATED GA HOME LOANS

STATED GA MORTGAGE LENDERS-PRIMARY HOME

GEORGIA STATED MORTGAGE LENDERS SUMMARY!

• No tax returns required
• Bank statement deposits used to qualify
• 24 months’ personal bank statements (Personal and Business)
• Loans up to $2 million
• Credit scores down to 600’s
• Rates starting in the low 5’s
• Up to 85% LTV
• DTI up to 50% considered
• Owner-occupied, 2nd homes, and investment properties
• 2 years seasoning for foreclosure, short sale, BK, DIL
• Non-warrantable condos considered
• Jumbo loans down to 660 score
• 5/1 ARM or 30-year fixed
• No pre-payment penalty for owner-occ and 2nd homes
• SFRs, townhomes, condos, 2-4 units
• Seller concessions to 6% (2% for investment)
• 2 year self-employed required

GEORGIA STATED HOME LOANS- BASED ON BANK STATEMENTS

• Borrower must be Self Employed
• Personal or Business Statement Accepted
• 50% MAXIMUM DTI FOR BANKSTATMENTS
• 24 months to qualify / Mortgage Late Payments, Short Sales, BK = OK!!
• Bank statement lenders minimum 580 FICO!

STATED INCOME GEORGIA MORTGAGE PROGRAMS

Georgia mortgage lenders offers three stated Documentation Programs:

1. Full Documentation (“Full Doc”)
2. Alternative Income (“Alt Doc Bank Statements”) for Owner Occupied properties
3. Alternative Documentation (“Alt-Doc Cash Flow”) for Georiga Non-Owner Occupied or Georgia Second Home properties and Business Loan requests.

The below information is a summary of the minimum Georgia stated loan documentation requirements for each Income Documentation Program. For additional documentation requirements, refer to the Income Doc Charts in this section of the Guide.

–ALTERNATIVE DOCUMENTATION / BANK STATEMENTS- STATED INCOME

Self-employed ONLY

(Must be able to verify self-employment income)

1. Last twenty-four (24) months personal or business bank statements with all pages required for all months.
2. Stated Georgia Borrower Income is determined by using the gross monthly amount of deposits with deduction of any itemized debits or other expenses that are verified by a tri bureau merged credit report.
3. Max six (6) NSF checks in the last twelve (12) months.
4. Acceptable documentation supporting the existence of the business for the most recent two (2) years must be obtained. (Refer to the Acceptable Evidence of Self-employed Business).

FULL DOC / WAGE EARNER

1. VOE completed in full by employer verifying most recent two (2) years (Verbal verification of VOE required) and current year-to-date earnings on a current pay stub OR
2. W-2 for most recent two (2) years & current pay stub reflecting year-to-date earnings OR
3. Signed 1040’s for most recent two (2) years & current pay stub reflecting year-to-date earnings

Fixed & Other Sources

    Current award/retirement letter; AND

    Copy of the most recent bank statement showing automatic deposit (deposit must specifically reference the source of the deposit); OR

    1099 for most recent year

Self-employed

    Acceptable documentation supporting existence of the business (“Refer to the Acceptable Evidence of Self-employed Business”)AND

    Verification of income covering the most recent two (2) years and year-to-date earnings with signed 1040’s as well as other    applicable supporting documentation (i.e. 1120’s, K-1s etc.)

100% Commission / Bonus

    Verbal VOE, to confirm borrower’s employment and commission/bonus AND

    Signed 1040’s for most recent two (2) years with current pay stub reflecting year-to-date earnings (if not pay stub no applicable, obtain bank statements covering year-to-date)

Salaried + > 25% Commission / Bonus

• Signed 1040’s for most recent two (2) years AND current pay stub reflecting year-to-date earnings (pay stub must reflect salaried wage + commission / bonus)

–STATED GEORGIA MORTGAGE LOANS EXPLAINED

If you are self-employee stated Georgia home loan applicant, you already know the benefits that come with making your own decisions and never having to report to a boss. However, there are some disadvantages to generating your own self employed income when it comes to applying for a stated Georgia home loan.

“There are two main problems that self-employed Georgia borrowers face when qualifying for a Georgia mortgage,” “First, you need to prove their income with tax returns rather than using a ‘stated income’ loan. Second, the recent housing recession has caused declining income for many self-employed business owners. Even if their income has stabilized, the stated Georgia home loan will be based on the average of your last two years of tax returns, which could show reduced income.”

Stated income Georgia home loans were originally designed for self-employed people, but were abused by too many Georgia business owners that were buying homes they could not afford.

“Stated Georgia income loans are starting to make a small comeback on the secondary market, but only for Georgia Mortgage applicants with good credit scores of at least 640 or above, a down payment of 25 percent of the sales price or more and at least six months of future cash payment reserves to cover all monthly obligations.

“In the mid-1990s we Georgia stated lenders started using bank statements  statements to show cash flow for self-employed people and was a good way to get a lot of Georgia homebuyers approved for Stated Georgia home loans.

– GEORIGA SELF EMPLOYED BORROWERS INCOME AND TAXES

Self-employed stated Georgia mortgage applicants must complete Internal Revenue Service Form 4506-T, which allows stated Georgia mortgage lenders to request tax transcripts. Georgia stated mortgage lenders are required to wait until the tax returns have been recorded by the IRS and must receive them directly from the IRS to verify legitimate returns.

Many Georgia self-employed individuals report expenses on their taxes in order to reduce their tax liability, but this can backfire when they apply for a mortgage.

“Self-employed stated Georgia mortgage applicants people typically report their gross income minus expenses to generate a net income,”. “For tax purposes, it may be beneficial to have net income as low as possible, but the net income is the number used for income qualification.”

For example, a Georgia business owner that claims $100,000 in income and $80,000 in expenses will find it nearly impossible to qualify for a traditional Georgia mortgage. At this point a self-employed Georgia homebuyers has no other option but to apply using a stated Georgia mortgage lender.

GEORGIA LINKS OF INTEREST

• ·        3.5% DOWN BAD CREDIT GEORGIA MORTGAGE LENDERS Read More
• 5% Georgia FHA Mortgage Lenders Min 580 FICO!! Read More
• GEORGIA MORTGAGE LENDERS Read More
• Georgia Mortgage Lenders Programs Read More
• GEORGIA VA MORTGAGE LENDERS – MIN 580 FICO Read More
• STATED GA MORTGAGE LENDERS-PRIMARY HOMES Read More

BAD CREDIT MORTGAGE LENDERS IN EVERY CITY AND COUNTY IN GEORGIA INCLUDING:

Georgia  by Population	City	Population
1	Atlanta	463,878
2	Columbus	200,579
3	Augusta-Richmond County consolidated government (balance)	197,182
4	Macon-Bibb County	153,515
5	Savannah	145,674
6	Athens-Clarke County unified government (balance)	122,604
7	Sandy Springs	105,330
8	Roswell	94,501
9	Johns Creek	83,335
10	Albany	74,843
11	Warner Robins	73,490
12	Alpharetta	63,693
13	Marietta	59,067
14	Smyrna	56,146
15	Valdosta	55,724
16	Brookhaven	51,910
17	Dunwoody	48,733
18	Peachtree Corners	40,978
19	Mableton	40,521
20	Gainesville	38,712
21	Milton	37,547
22	Newnan	37,291
23	Rome	36,323
24	Martinez	36,190
25	East Point	35,467
26	Peachtree City	35,240
27	Dalton	33,853
28	Redan	33,603
29	Kennesaw	33,584
30	Hinesville	33,398
31	Douglasville	32,897
32	Evans	32,591
33	Statesboro	30,721
34	LaGrange	30,695
35	Lawrenceville	30,493
36	Woodstock	29,898
37	Duluth	29,193
38	Tucker	28,343
39	Chamblee	28,244
40	Stockbridge	28,202
41	Carrollton	26,203
42	Canton	25,469
43	McDonough	23,417
44	Griffin	23,211
45	Pooler	23,133
46	Candler-McAfee	22,345
47	Acworth	22,131
48	Decatur	21,957
49	Sugar Hill	21,747
50	Union City	20,805
51	Cartersville	20,319
52	Snellville	19,733
53	Forest Park	19,383
54	Milledgeville	18,931
55	Thomasville	18,742
56	Suwanee	18,694
57	North Druid Hills	17,996
58	St. Marys	17,968
59	North Decatur	17,023
60	Fayetteville	16,990
61	Tifton	16,725
62	Norcross	16,634
63	Kingsland	16,487
64	Belvedere Park	16,446
65	Lithia Springs	16,384
66	Calhoun	16,309
67	Dublin	16,197
68	Brunswick	16,157
69	Americus	16,028
70	Riverdale	15,989
71	Conyers	15,875
72	Perry	15,457
73	Winder	15,447
74	Wilmington Island	15,338
75	Villa Rica	14,904
76	Powder Springs	14,826
77	College Park	14,601
78	Druid Hills	14,439
79	Moultrie	14,377
80	Waycross	14,053
81	Fairburn	13,967
82	Covington	13,916
83	Buford	13,748
84	Monroe	13,641
85	Grovetown	13,093
86	Dallas	12,870
87	St. Simons	12,807
88	Lilburn	12,655
89	Mountain Park Cdp	12,510
90	Bainbridge	12,507
91	Georgetown	12,235
92	Clarkston	12,215
93	Richmond Hill	11,935
94	Douglas	11,718
95	Cusseta-Chattahoochee County	11,368
96	Loganville	11,248
97	Cordele	10,943
98	Doraville	10,896
99	Holly Springs	10,719
100	Vidalia	10,679
101	Vinings	10,221
102	Jefferson	10,195
103	Scottdale	9,847
104	Rincon	9,843
105	Cedartown	9,841
106	Fort Oglethorpe	9,803
107	Cairo	9,752
108	Jesup	9,633
109	Braselton	9,476
110	Panthersville	9,474
111	Country Club Estates	9,091
112	Thomaston	9,032
113	Fitzgerald	9,013
114	Garden City	8,999
115	Fort Valley	8,597
116	Fair Oaks	8,533
117	Toccoa	8,283
118	Gresham Park	7,947
119	Irondale	7,927
120	Skidaway Island	7,798
121	Port Wentworth	7,637
122	Centerville	7,575
123	Auburn	7,524
124	Swainsboro	7,471
125	Fairview	7,381
126	Hampton	7,372
127	Morrow	7,338
128	Dock Junction	7,261
129	Tyrone	7,194
130	LaFayette	7,173
131	Whitemarsh Island	7,139
132	Austell	7,107
133	Commerce	6,762
134	Thomson	6,689
135	Flowery Branch	6,683
136	Hapeville	6,650
137	Barnesville	6,625
138	Eatonton	6,520
139	Lovejoy	6,487
140	Dahlonega	6,394
141	Bremen	6,355
142	Stone Mountain	6,109
143	Sylvester	6,049
144	McRae	5,972
145	Locust Grove	5,790
146	Sandersville	5,752
147	Cumming	5,718
148	Waynesboro	5,704
149	Conley	5,679
150	Lakeview	5,603
151	Hawkinsville	5,471
152	Dacula	5,330
153	Fort Stewart	5,325
154	Adel	5,316
155	Eastman	5,285
156	Folkston	5,247
157	Byron	5,105
158	Camilla	5,089
159	Glennville	5,086
160	Jackson	4,983
161	Blakely	4,871
162	Nashville	4,854
163	Adairsville	4,778
164	Jonesboro	4,746
165	Palmetto	4,733
166	Montgomery	4,560
167	Hartwell	4,514
168	Elberton	4,453
169	Summerville	4,452
170	Baxley	4,440
171	Social Circle	4,383
172	Lyons	4,375
173	Cochran	4,363
174	Dawson	4,353
175	Chatsworth	4,351
176	Temple	4,313
177	Rockmart	4,300
178	Lindale	4,266
179	Euharlee	4,261
180	Cornelia	4,223
181	Hazlehurst	4,196
182	Oakwood	4,178
183	Metter	4,111
184	Manchester	4,095
185	Senoia	4,073
186	Madison	4,026
187	Forsyth	4,013
188	Rossville	3,997
189	Washington	3,981
190	Hannahs Mill	3,975
191	Walthourville	3,974
192	Hephzibah	3,936
193	Quitman	3,871
194	Chattanooga Valley	3,848
195	Hardwick	3,828
196	Ashburn	3,820
197	Hiram	3,792
198	Vienna	3,777
199	Cleveland	3,773
200	Jasper	3,762
201	West Point	3,728
202	Pelham	3,708
203	Ringgold	3,700
204	Cuthbert	3,670
205	Unadilla	3,666
206	Wrightsville	3,642
207	Blackshear	3,581
208	Alma	3,536
209	Bonanza	3,483
210	Heron Bay	3,435
211	Greensboro	3,403
212	Ocilla	3,387
213	Nicholls	3,331
214	Alamo	3,330
215	Lakeland	3,322
216	Reed Creek	3,297
217	Baldwin	3,286
218	Gray	3,269
219	Montezuma	3,189
220	Grantville	3,183
221	Tallapoosa	3,171
222	Grayson	3,147
223	Avondale Estates	3,139
224	Hogansville	3,110
225	Chickamauga	3,107
226	Tybee Island	3,102
227	Soperton	3,087
228	Leesburg	2,983
229	Harlem	2,967
230	Millen	2,925
231	Hahira	2,899
232	Helena	2,893
233	Springfield	2,889
234	Lula	2,879
235	Watkinsville	2,872
236	Abbeville	2,815
237	Bloomingdale	2,764
238	Raoul	2,733
239	Lake City	2,727
240	Putney	2,716
241	Chattahoochee Hills	2,690
242	Donalsonville	2,675
243	Webster County Unified Government	2,648
244	Statham	2,624
245	Thunderbolt	2,622
246	Reidsville	2,616
247	Monticello	2,615
248	Royston	2,574
249	Sylvania	2,538
250	Indian Springs	2,529
251	Dawsonville	2,525
252	Homerville	2,480
253	Pembroke	2,445
254	Lakeview Estates	2,427
255	East Dublin	2,392
256	Louisville	2,358
257	Isle of Hope	2,355
258	Claxton	2,334
259	Georgetown-Quitman County	2,302
260	Gumlog	2,297
261	Mount Vernon	2,276
262	Experiment	2,241
263	Trenton	2,238
264	Clayton	2,234
265	Buena Vista	2,206
266	Oxford	2,197
267	Lavonia	2,165
268	Pearson	2,112
269	Ludowici	2,081
270	Bowdon	2,072
271	Wrens	2,051
272	Demorest	2,050
273	Wadley	2,031
274	Berkeley Lake	2,024
275	Lithonia	2,022
276	Midway and Sparks	2,007
277	Davisboro	1,986
278	Gordon	1,956
279	Kings Bay Base	1,905
280	Colquitt	1,886
281	Butler	1,885
282	Ellaville	1,879
283	Maysville	1,866
284	Shannon	1,862
285	Darien	1,858
286	Guyton	1,856
287	Morgan	1,849
288	Warrenton	1,812
289	Arcade	1,799
290	Varnell	1,790
291	Trion	1,785
292	Tennille	1,773
293	East Newnan	1,771
294	Clarkesville	1,746
295	Mount Zion	1,737
296	Ball Ground	1,720
297	Nicholson	1,718
298	Union Point	1,709
299	Henderson	1,704
300	Ellijay	1,680
301	Twin City	1,674
302	Lookout Mountain	1,579
303	Chester	1,568
304	Emerson	1,535
305	Deenwood	1,514
306	Richland	1,496
307	Porterdale	1,483
308	Lincolnton	1,479
309	Edison	1,478
310	Brooklet	1,457
311	Sunnyside	1,453
312	Hoschton	1,433
313	Robins AFB	1,413
314	Arlington	1,406
315	Willacoochee	1,393
316	Walnut Grove	1,378
317	Pine Mountain	1,358
318	Nelson	1,347
319	Marshallville	1,333
320	Young Harris	1,325
321	Boston	1,323
322	Russell	1,318
323	Enigma and Sparta	1,293
324	Mount Airy	1,292
325	Blue Ridge	1,286
326	Woodbine	1,285
327	Statenville	1,281
328	Lumber City	1,254
329	East Griffin	1,248
330	Aragon	1,243
331	Omega	1,230
332	Talahi Island	1,229
333	Unionville	1,226
334	Oglethorpe	1,211
335	Broxton	1,190
336	Cave Spring	1,175
337	Winterville	1,172
338	Alto	1,167
339	Hamilton	1,158
340	Buchanan	1,156
341	Franklin Springs	1,154
342	Zebulon	1,153
343	Homer	1,144
344	Comer	1,138
345	Fort Gaines	1,129
346	Remerton	1,127
347	Rochelle	1,120
348	Lumpkin	1,093
349	McCaysville	1,083
350	Mountain City	1,061
351	Nahunta	1,060
352	Ray City	1,053
353	Jeffersonville	1,050
354	Bogart	1,042
355	Dutch Island	1,040
356	Meigs	1,030
357	Reynolds	1,026
358	Roberta	996
359	Sunset Village	993
360	Shellman	989
361	Franklin	969
362	Hagan	967
363	Sardis	964
364	Norman Park and Dasher	963
365	Ivey	926
366	Clermont	922
367	Woodbury	909
368	Hiawassee	906
369	Eton	902
370	Talbotton	887
371	Tunnel Hill	877
372	Homeland and Baconton	871
373	Greenville	862
374	Lenox	852
375	Crawford	826
376	Luthersville	824
377	Waverly Hall	823
378	Bowman	820
379	Crooked Creek	811
380	Canon and Poulan	803
381	Waleska	802
382	Rutledge	793
383	Resaca	775
384	Doerun	773
385	Riceboro	771
386	Screven	767
387	Milan	766
388	Pine Lake	763
389	Patterson	751
390	Plains	740
391	Glenwood	739
392	Fairmount	736
393	Newborn	734
394	Lake Park	730
395	Ty Ty	727
396	Moody AFB	726
397	White	724
398	Flemington	718
399	Blythe	701
400	North High Shoals	699
401	Ochlocknee	679
402	Sycamore	674
403	Phillipsburg	673
404	Bethlehem	671
405	Allenhurst	665
406	Gibson and Adrian	657
407	Alapaha	656
408	Kingston	654
409	Lincoln Park	653
410	Cohutta	637
411	Flovilla	634
412	McIntyre	620
413	Portal and Pavo	617
414	Milner	601
415	Colbert	600
416	Whitesburg	596
417	Appling and Newton	594
418	Leary	589
419	Smithville and Uvalda	585
420	Collins	582
421	Carnesville	580
422	Mountain Park City	578
423	Danielsville	577
424	Dexter and Dudley	570
425	Arabi	563
426	Irwinton	562
427	Berlin	559
428	East Ellijay	556
429	Blairsville	554
430	Ailey	552
431	Brooks and Dearing	547
432	Helen and Morven	532
433	Hoboken	531
434	Cadwell	530
435	Lyerly	529
436	Stillmore	528
437	Coolidge	526
438	Byromville	520
439	Waco	518
440	Tignall	513
441	Crawfordville	508
442	Odum	505
443	Pineview	503
444	Oak Park	481
445	Whigham	478
446	Menlo	468
447	Harrison	467
448	Bowersville	464
449	Ideal	459
450	Toomsboro	451
451	Pendergrass	447
452	Shiloh and Funston	443
453	Offerman	440
454	Hilltop	439
455	Attapulgus	435
456	Mansfield	433
457	Moreland	422
458	Ephesus	420
459	Warwick	407
460	Stapleton	405
461	Warm Springs	404
462	Sumner	403
463	Tiger	401
464	Empire	398
465	Rockingham	394
466	Centralhatchee	393
467	Bronwood	391
468	Leslie and Braswell	388
469	Yonah	387
470	Concord and Ambrose	380
471	Barwick	379
472	Rhine	377
473	Molena	372
474	Bostwick	369
475	Woodland, Martin, and Jenkinsburg	367
476	Williamson	356
477	Sale City	355
478	Sharpsburg and Arnoldsville	354
479	Satilla, Cobbtown, and Keysville	348
480	Scotland	344
481	Turin	343
482	Ila and Yatesville	341
483	Pinehurst and Woodville	336
484	Dillard	334
485	Hiltonia	326
486	Fargo	325
487	Between	324
488	Chauncey	323
489	Plainville	321
490	Higgston	313
491	Morganton	310
492	Iron City	309
493	Pitts	308
494	Graham	299
495	Salem	295
496	Rentz	292
497	White Plains	291
498	Good Hope	289
499	Siloam	280
500	Ellenton	279
501	Matthews and Cecil	277
502	Climax	273
503	Newington	268
504	Sky Valley	265
505	Sasser	264
506	Midville	263
507	Carlton and Bartow	262
508	Oconee	257
509	Gumbranch	254
510	Epworth	252
511	Denton	251
512	Gillsville	247
513	Bishop and Dewy Rose	244
514	Shady Dale	240
515	Damascus	238
516	Andersonville	236
517	Avera	233
518	Norwood and Lexington	227
519	Oliver	226
520	Kite and Roopville	225
521	Maxeys	224
522	Danville	218
523	Carl	216
524	Argyle	215
525	Taylorsville	214
526	Montrose	213
527	Brinson	209
528	Surrency and Orchard Hill	207
529	Payne	206
530	Avalon	205
531	Garfield and Lilly	204
532	Pulaski	203
533	Mitchell and Hull	201
534	Sautee-Nacoochee	198
535	Talmo and Boykin	192
536	Rayle	190
537	Meansville	183
538	De Soto	182
539	Culloden	177
540	Haralson	174
541	Register and Rebecca	172
542	Buckhead	171
543	Tallulah Falls	168
544	Seville	167
545	Santa Claus and Woolsey	166
546	Junction City	165
547	Summertown	163
548	Allentown	162
549	Alston	158
550	Girard	153
551	Parrott	152
552	Jakin	150
553	Nunez	149
554	Dooling	148
555	Daisy and Jersey	143
556	Perkins and Rocky Ford	142
557	Sharon and Jacksonville	135
558	Ranger	134
559	Sunny Side	132
560	Camak and Vernonburg	131
561	Deepstep	128
562	Du Pont	124
563	The Rock	123
564	Bellville	122
565	Cherry Log	118
566	Coleman	111
567	Vidette	110
568	Aldora	103
569	Bluffton	101
570	Geneva	100
571	Manassas	95
572	Riddleville	94
573	Canoochee	93
574	Lone Oak	89
575	Gay and Tarrytown	86
576	Mineral Bluff	81
577	Norristown	77
578	Calvary	71
579	Knoxville	68
580	Talking Rock and Rest Haven	66
581	Mendes	63
582	Riverside	35
583	Edge Hill	24
584	Cedar Springs	22
585	Eagle Grove	14