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Stated Income Mortgage

Discussion in 'Credit Talk' started by $wealth$, Mar 28, 2002.

  1. Mar 28, 2002 #1
    $wealth$

    $wealth$ Well-Known Member

    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...
     
  3. Mar 28, 2002 #2
    JasonRT

    JasonRT Member

    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
     
  4. Mar 28, 2002 #3
    fla-tan

    fla-tan Well-Known Member

    $wealth$

    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
     

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