Stated Income Mortgage Loan
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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
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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.
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Allowable Use and Property Types
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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.
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Underwriting Guidelines
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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.
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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.
I hope the information on this page was useful to you. Please scroll down
to view my
Mortgage Market Guide. It is a weekly publication explaining the financial markets
from a consumer's perspective that is available on this website or by
email subscription. I have nearly 8,000 subscribers today and would be happy to have you as
well. Your email address will never be used
for any other purpose.
Prequalify for your Stated
Income Mortgage Loan.
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