patrick.net

I was amazed to get this email flyer from a mortgage broker today, showing that a major bank is still accepting no-downpayment loans with "stated income" - meaning you can lie about your income and they will not investigate.

100% STATED* is Still Available...Submit Today while it's Still Offered!!
>>>Last day to submit 100% Stated transactions is JUNE 25th!< <<

Submission requirements:
HE Application
1003
Credit Report
Submit and Decision Stand-Alones ONLINE at www.(deleted).com

*Credit scores as low as 680 for SIVA - requires 6 months PITI, seasoned for only 1 Month (most current bank statement)

Applications submitted on/or before June 25th, 2007:
â—¦ 660+ 100% to $500k, FULL DOC, o/o*
â—¦ 680+ 100% to $150k, SIVA, o/o*
â—¦ 700+ 100% to $200k, SIVA, o/o
â—¦ 740+ 100% to $250k, SIVA, o/o

Applications submitted AFTER June 25th 2007:
â—¦ 680+ 100%, FULL DOC ONLY, o/o
â—¦ 680+ 90% Max CLTV, SIVA, o/o

HOME EQUITY RATES:
See attachment

100% STATED is Going Away –

June 25th is the Last Day to Submit 100% Stated

SUBMIT TODAY!!!!

"Think of the possibilities! Sell Second Mortgages!" If you're not selling seconds, you are missing a 9 TRILLION Dollar opportunity.

#housing