what is stated income loan?
2007-02-20 06:05:20 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
A stated income loan is one where you don't verify your income through paystubs and W-2's.. you just "state" your income on the loan application and no one ever verifies it.
The trade off is that you will pay a higher interest rate since it's a bigger risk to the lender.
You can get one through any mortgage broker. If you go to http://www.fivestarsmortgage.com/our-programs/ you can read a bit about the differences between stated or full doc programs.
2007-02-20 06:37:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A stated loan is one that allows you to tell the lender what you make instead of proving it to them. This is mostly used for self employed people that don't get regular paychecks and deduct many expenses from thier tax returns so it does not look as if they make much. It can also help someone qualify who is close to having enough income, but is just short. You do pay higher interest on a stated loan, and many lenders require that you have at least 2 months payments saved up in your bank accounts or retirement.
To get your loan go to a mortgage broker. They will shop around for you and see where you get the best deal.
2007-02-20 07:23:20 · answer #2 · answered by Ron B 3 · 0⤊ 0⤋
The other responder had it right though I recommend you use the Mortgage Zone if you are in New York. Fill out the free evaluation form at
www.totaldebtsolutionsllc.com
and Gerson from the mortgage zone will be in touch.
2007-02-20 07:18:51 · answer #3 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋