Many people have inquired about the ability to do Stated Income Loans in Nevada due to the recent Assembly Bill 440 that was passed and went into effect on October 1, 2007. The answer is Yes!
Just to clarify, there are still several lenders out there that are funding Stated Income Loans through several of our Mortgage Banks. There are a couple of new procedures that we are required to go through in order to do so. These new procedures involve the same due diligence that any experienced Loan Officer did before Assembly Bill 440 was passed.
The fact remains that many Nevada residents, especially in the Las Vegas area, rely on Stated Income Loans in order to purchase a home or refinance their existing mortgage.
