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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 situation. Email me with stated 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.

Underwriting Guidelines

Some general guidelines

  • Minimum middle credit score is 620
  • 5 credit accounts are required.
  • Bankruptcy and foreclosures must be discharged for 3 years with reestablished credit
  • 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 construction loans.

* I have included a section on the new Cash Flow ARMS. A product which gives you complete flexibility in managing your loan.

I have a page on traditional documentation requirements.

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.

Stated Income Mortgage Prequalify for your Stated Income Mortgage.


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