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Stated Income Mortgage
Stated Income Mortgage products are the least
expensive product in the reduced documentation suite of programs. A stated
income mortgage is the perfect choice if you have verifiable employment (self
employment is fine) and assets. Income that is stated on your stated income
mortgage application must be
reasonable in terms of your occupation and assets. Stated income mortgage
products are available as a fixed or variable rate loan. Stated income mortgage
products are available for purchase or refinance.
The stated income mortgage is the least expensive reduced documentation
mortgage if it works
for you. If not, a No Ratio or true No
Doc mortgage but may be a better choice. The point is, with decent credit, I
can guide you to the least expensive mortgage program which will work in your
Email me with
income mortgage questions. I also offer stated income
business equipment leasing to business owners.
Stated Income Mortgage Terms
Stated Income products are available as:
30 year fixed rate require only 5% equity.
however rates are lower with on a stated income mortgage more equity. 100% Stated Income Mortgage products are
now available for owner occupied residences. Perfect credit is
required but only 2 months of liquid reserves. Stated income mortgage products
are available for investment property
3, 5, 7, and 10 year ARMs are available with a
Stated Income Mortgage interest only
variation as well. Home Equity Stated Income Mortgage
products and Second Trust programs are
available stated income.
Allowable Use and Property Types
Stated income mortgage products are available for Single Family, Townhouse, some
manufactured housing, and low rise condos. Some programs allow high rise condos
2-4 unit buildings, second homes, or investment properties but are slightly more
expensive or require more equity. Allowable uses are for purchase or rate and
term refinance. The programs will allow a "cash out" refinance but
there are limitations on the allowable cash back. I have included a page on traditional
mortgage documentation requirements which may be useful.
Some general guidelines
- Minimum middle credit score is 620
- 5 credit accounts are required.
- Bankruptcy and foreclosures must be discharged for 3 years with
- Two years employment with same employer
- Two months PITI reserves are required with an LTV <=80%. 6 months
reserves are required otherwise.
- 5% minimum down payment is required from your own funds. No gifts.
These programs allow you to purchase or refinance a single
family, townhouse or condo. A Stated Income investment property can be a single
family, 1-2 unit, townhouse or condo. Vacation homes
financing is available. The loan program can be used with our
* I have included a
section on the new Cash Flow ARMS. A product which gives you complete flexibility in managing your
I have a page on traditional documentation
Learn more about Closing Costs
Learn more about Loan Modification. If
you can not refinance, it may be the best way to save your home today.
I also offer reduced documentation
business equipment leasing
As a Certified Mortgage
Planning Specialist, I offer an analysis of
your situation today can make suggestions on how small changes in how
your debt is structured today can have a life changing effect in the years
to come. Read more
about this free, no obligation service.
Prequalify for your Stated