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Stated Income Mortgage

Are you unable to document your income with your tax returns? Do you take a lot of write offs against your self employment income? If this is the case, and your income taxes will not pass muster to qualify you for a traditional mortgage, we may have a solution for you.

You must be self employed in order to do a stated income mortgage. Because of the Dodd Frank laws that came into play, a stated income type of loan is not available in most cases against a primary residence. However, it is possible to do a loan through a lender we work with that awards a high credit score, and also a conservative LTV. (loan to value) For example, on a primary home, if the LTV is around 60%, and we have a self employed borrower with a credit score > 720, it's possible to get a rate under 5%.

Again, a stated income mortgage is for an investment property normally thorugh a type of alternative lender. Rates will vary and these programs are very credit score and LTV driven as to the rate. You can expect to pay up 1.5-2 points on one of these loans plus standard closing costs. Interest only is available if your score is high enough. These can be over a 40 year term, the first 10 of which are interest only, and then the loan would switch to a fully amortized payement for the remaining 30 years.

For more information on a stated income mortgage programs, please call us and we will be happy to give you more details.

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