Subject: Stated Income Mortgage Loans

Stated Income Mortgage Loans are typically for those who are self-
employed or who have irregular incomes such as buyers who have a
commission- based income as well as buyers whos incomes are paid in
cash.

Stated Income Mortgages do not require the same proof of income
as that of conventional home loans which usually involve pay stubs,
W-2s for 2yrs, and a list of all creditors.

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Although Stated Income Mortgages are dubbed as low-doc or no-doc
loans; they are far from.

Stated Income Mortgage Loans usually require other means of
proving the buyers financial position to find out the debt to
income ratio.

This usually involves proof of income tax returns, bookkeeping,
bank records, and a list of assets and debts, etc.

The source of the income must also be verified even if less
documentation is required to prove income.

Lenders often consider the source of the income as equally, if not
more, important than the amount of the income.

Lenders want to know that the income you are currently receiving
is reliable and a stable employment source.

The bank records and credit history prove that you have the
means to afford the mortgage.

These loans are considered to be higher risk than those who are
able to provide verification of income.

Stated Income Mortgage loans usually have more red tape and
restrictions on loan to value of property ratios.

These loans also usually reflect a higher interest rate from a half
percent to three percent higher because of the higher risk that
the lender takes in lending to a borrower unable to verify income
with W-2s and pay stubs.

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The main thing here is to be able to prove that you have the income
by using bank statements, bookkeeping, and other financial
records and also to have good credit.

To find out if you qualify contact a lender that offers State Income
Mortgage Loans.

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Thank you,

Max Taylor
http://taylor-marketing.blogspot.com