Stated
Income Mortgage Loans
Stated Income Mortgage Loans
are for people who work but don't draw regular
wages or salary from an employer, self employed
business owners or those who make a living off
commissions or tips. It is a great loan product
for those borrowers that don't draw a steady
paycheck and/or simply do not want to divulge
their earnings. Stated Income Programs
do require that you list your job or if
self employed, your business or source of self
employment. You must have a continuous work
history of at least 2 years. Stated
Income Loans can be used for both
purchases and refinances and you can obtain up
to 100% financing for either a purchase or
refinance using a Stated Income Program.
The interest rate on a Stated
Income Mortgage is generally about a
half-point above the comparable rate for a
conventional mortgage. You can obtain up to a
100% mortgage with a credit score as low as 600
and again, it can be used for either a purchase
or refinance transaction. Apply online or call
our 24 hour loan line to determine your
eligibility for a Stated Income Mortgage
to purchase a home or refinance your
existing mortgage.
