My bank told me a stated income mortgage loan for my home purchase is the way to go…what is that?

Posted on Oct 6, 2012 in Stated Income Loans

stated income mortgage loan
by eyewashdesign: A. Golden

Question by easymoneyguide2005: My bank told me a stated income mortgage loan for my home purchase is the way to go…what is that?

Best answer:

Answer by karifromhome
My husband and I have the same loan…sorry I don’t remember the details.

I did a quick search and found this though:

http://www.mortgageloanwebsite.com/

— Kari

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2 Comments

  1. Stated income is a program that lenders offer if you can’t document your income. No W-2’s or don’t want to document. Usually it involves a higher rate. Usually about .5% more on your interest. Even if you are self employed, you can still document income for the best rates. Stated is also used, sometimes to customers’ detriment, when they use the program to qualify a customer for a loan that is higher than most lenders will allow for your income. Be careful not to pay more than you can afford.

  2. Stated income is just that. The lender allows you to state the amount of income you make verses proving what you actually make. These type’s of loans were originally set up for self employed borrowers that wrote off most of their income but recently they have expanded to W/2 borrowers. Normally as long as the income stated is reasonable for the occupation the lender will allow it. Most lenders use salary.com as a benchmark of what is reasonable. Most of the time there has to be a 2yr job history in the same line of work and sometimes they require at least 1yr on the current job. Credit score and past credit history will also be a large factor in this type of loan. I may be able to assist you in getting qualified for this loan. I have been in the mortgage industry for 13yrs. If you are interested in contacting me you can email me at cbrown@structuredmortgageltd.com or call (614) 985-3771