Stated Income Mortgage

**$wealth$** · 03.28.2002, 17:57

Have anyone heard of this? I spoke with a mortgage rep and said he could approve me for a "Stated Income Mortgage"

I could not go conventional due to my high debt to income ratio, but scores were good enough.

Need some info on this type of financing before I proceed. Anyone...

**JasonRT** · 03.28.2002, 18:21

You will pay for it in Interest and Points, but it is essientially a loan for those that don't want to provide any documentation as to their income and assets.

JASON@LEGISLATOR.COM

**fla-tan** · 03.28.2002, 19:31

$wealth$

If you wish to email me I will be happy to dicuss that type of mortgage with its pros and cons.

In essence, a stated income mortgage is designed for the self-employed, with non-traditional income sources, 1099 payees...etc

A stated income mortgage, while a bit higher than a fully doc'd income can be close...BTW there are additional ways to prove income besides with a paycheck and W2's

Hope this helps