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Stated Income Mortgage Loan

Stated Income Mortgage Loan products are the most commonly used and least expensive product in the reduced documentation suite of mortgage loan programs. A Stated Income Mortgage Loan is often the perfect choice if you have verifiable employment (self employment is fine) and assets. Income that is stated on the mortgage application must be reasonable in terms of your occupation and assets 

The Stated Income Mortgage Loan is the least expensive reduced documentation product if it works for you. If not, a No Ratio or true No Doc mortgage but may be a better choice. Email stated income mortgage loan questions. I also offer stated income business equipment leasing to business owners.

Available Stated Income Mortgage Loan Terms

Stated Income Mortgage Loan products are available as:

30 year fixed rate require only 5% equity however, rates are lower with more equity. 100% stated Income mortgage loan products are now available for owner occupied residences. Perfect credit is required for a stated income mortgage loan but only 2 months of liquid reserves.

1, 3, 5, and 7 year ARMs are available. Home Equity stated income mortgage loan and Second Mortgage programs are available.

Allowable Use and Property Types

Stated Income Mortgage Loan 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. Please contact me with the specifics of your situation for guidance. If you are unsure a Stated Income Mortgage Loan is the right answer for you, I have included a page on traditional mortgage documentation requirements which may be useful.

Underwriting Guidelines

Some guidelines for a Stated Income Mortgage Loan.

  • 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.

 Please email me with any questions about a stated income mortgage loan

Read more about Stated Income Mortgage Loan Closing Costs

Stated Income programs allow you to purchase or refinance a single family, townhouse or condo. An investment property Stated Income Mortgage Loan 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.

Many of my clients are converting from fully amortizing payments to a stated income interest only approach with a lower monthly payment.

* I have included a section on the new Cash Flow Stated Income Mortgage Loan. A LIBOR or MTA based product which gives you complete flexibility in managing your mortgage.

I have included a page on documentation requirements.

I have a page on calculating your qualification ratios.

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.

New! View my Wealthbuilder presentation and learn the safe way to manage your debt and fund your retirement.

Stated Income Mortgage Loan Prequalify for your Stated Income Mortgage Loan.

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Extensive consumer information on construction,remodeling, first time homebuyer,and no documentation mortgages.                                                                                                                       VA Mortgage