Stated Income Loan

There are many factors that would go into answering your question in a responsible manner. But you can expect to pay at least 1/2-1% more for stated than you would for a comparable "full doc" loan.

Hope this helps.

fla-tan

 

I've found mtg brokers that do loans in the 500-600 range. It all depends on the whole package. I would suggest finding a mortgage "Broker", and let them do the searching for you. Almost anyone can get into a home with at least 2 years behind them on a bk, and on-time recent payment history, and usually 20% down payment. Stated income loans ususally require at least some kind of income verification, they just don't verify your employer. But check with the mortgage broker and they will tell you the guidelines. If you don't get the answer you want at one, don't stop until you get a YES.

 

Companies vary on the documentation they require. Some want the last 3 current bank statements. Others just require just your most recent one. Since they primarily use bank statements and credit scores, you can understand that your credit scores would be relatively important. Like fla_tan said, you will always pay more for an unconventional loan (stated income) as opposed to a conventional ("full doc") loan. Your scores are an important factor in determining just "HOW" much more, though.

Hope this helps,
Keller

 

For stated income loans, about the lowest I have seen is around 580, though usually you need to be in the 620's or above. Also, while you don't need to prove exactly where your income comes from, you will need to document how much you are claiming to earn. This is normally done with bank statements. Generally, the lenders will require at least 12 and some go as high as 24 months of statements. Again, please understand that these are just very general criteria and will vary with both lender and your situation.

If you wish, you can email me off-board to further discuss your specific scenario.

fla-tan