Stated Income Mortgage Loans

With access to some of the Nations top Lenders and 100’s of Loan Programs to choose from, I have a loan for just about every financial situation. Whether you are looking to Refinance, Purchase a new home, take Cash-Out, or are looking to build your own Dream Home with a Construction Loan, No Problem! Let me do the Shopping for you on your next Mortgage Loan.

Together, you and I can review your present situation, discuss the advantages of your loan, and find the option that works best for you and your family.

Below, you will find some useful information that was put together by a group of Mortgage Professionals from www.brokeroutpost.com . Enjoy, and I look forward to speaking with you soon!

A stated income mortgage loan is a great mortgage tool for people who cannot verify all of the income that they earn.

With stated income mortgages, when you are filling out the mortgage application you will still need to provide all of your employment information, however that information is not verified through standard documentation such as: pay stubs, 1099s, W-2s, etc. If you decide to use a stated income mortgage your interest rate will be higher due to the added risk the lender takes.

At any point during the processing of your stated income mortgage loan, the underwriter can request income documents still at his/her own discretion. They may ask for income documents if they deem the income stated on the loan application is not consistent with your job or if they do not feel totally comforable with your home loan application. There are other types of low or no income documentation loans out there such as, no doc. loans, no ratio loans, bank statement loans, and limited doc. loans.

Stated Income Mortgages are ideal for small business owners and those receiving cash tips as a significant portion of their incomes, such as waiters and cab drivers. In many cases State Income Loan may be the only logical loan option as home buyers in these income situations often have difficulty documenting their incomes.

A stated loan is not an opportunity to inflate or falsify your income in order to purchase a more exspensive home then you would normally qualify for.

Stated Income Loans do require verification of the existence of your business or employment. Most states have this information available online. If not, then a letter from your accountant/tax preparer verifying your information will satisfy this requirement.

For stated income loans for employed borrowers, lenders will usually verify that the income stated is reasonable for your occupation and experience level.