Stated income mortgage issue still brewing in Nevada

The updated consumer protection law that was put in the books earlier in the year is effective as of October 1, 2007. One of its stipulations is that a stated income mortgage loan can be a crime in the state, as interpreted by some legal experts. And that has caused thick smoke to come out of the ears of many in the residential real estate business, and for a good reason. There seems to be genuine ambiguity as to what the new law really means.

Critics feel that the stated income program is going to become nearly impossible to get from now on. And if so, it would have a serious negative impact on housing here in Southern Nevada. This is prime territory for service industry workers and business owners who mainly earn their living from tips, which are hard to document accurately. No one would like to see the market that is already struggling to sink even further. To read the entire article, please click on the link in this paragraph.