[F1 News:] Income Mortgage Stated – Get a Loan Without Proof of Income

Posted on Aug 1, 2012 in Stated Income Loans

Question by : Are FHA Private Mortgage Insurance Monthly Premiums tax deductible if you bought a home in 2011?
I saw that homes purchased between 2007 and 2010 that were financed with FHA loans allow for the FHA Monthly mortgage insurance premiums to be tax deductible if you itemize. Does this include any homes purchased in 2011?

Best answer:

Answer by Landlord
No PMI is not deductable

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stated income mortgage loan
by eyewashdesign: A. Golden

Income Mortgage Stated – Get a Loan Without Proof of Income

There is an income mortgage stated program that is a type of mortgage loan program where it is actually part of the “no-doc” and the “low doc” loans. This means that there isn’t normally any documentation required for the loan to be approved. This makes the loan very popular among many people as they do not have to first run around and find documentation to prove their income and other information.

When you go for a conventional mortgage you will pay back less interest, prostate but it might be more difficult for you because you will have to provide the following;

Last three paychecks
Return tax forms for the last two years
A list of all creditors
Two month bank statement
Certain legal documents

In some cases these will not even be all of the documents you need. Some places could be more strict than others when it comes to who they loan money to, malady but this is the best way because you will not have such a high interest to pay back.

It should be very reasonable.

With the income mortgage stated you will not need all of that information just to get the loan. If you have a stable job but you cannot prove that you have a stable income you will choose this type of loan. However, you should at least have a good credit history when you want to apply for a loan like this one. All you would need to do besides have good credit is be able to state your income for the past two years or longer.

Remember that with this loan you will probably pay back a lot as the interest will be higher. So it is great for the time when you need the money, but when reality hits months later that you need X amount to start your repayments, many people find themselves in situations where they cannot cope.

just make sure that you understand the terms under which the loan is taken and that you will be able to pay it back, no matter what the interest rate may be.

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