Stated Income Mortgage Loans - A Few Things You Need To Know

Stated income mortgage loans are an ideal type of loan for those that are in need of a mortgage in which their income is not verified. On this type of mortgage you simply state what your income is but it is not necessarily verified with the employer. Yet, your employment is verified and assets are generally necessary as well. For those that can not or do not want to state what their income is, a stated income mortgage loan can be ideal. It works well for those that are self employed, as well.

Qualifications For Stated Income Loans

In most cases, lenders will have some very specific goals in qualifications in order to obtain this type of mortgage loan. Generally you will have to have a fair or better credit score (usually no less than 620) and you should have an established credit history. If you have had problems like bankruptcies or foreclosures, these should be at least three years or longer ago and you should have reestablished your credit since them. Often, you will be required to have a down payment that is generally not less than five percent of the cost of your home.

How Stated Income Effects The Mortgage You Get

A stated income mortgage loan will cost you a bit more than that of a standard, income verified loan. You will find that some interest rates can be 1 to 1.5 percent higher (sometimes more so) than what you would get if you were applying for a traditional loan. This can effect how much your monthly payment is on the loan as well as how much you will pay in general.

Stated income mortgage loans are an option that you have in getting a mortgage loan. Although there are plenty of opportunities for you to secure a loan that is affordable like this, you should consider how well they fit your specific needs.

Recommended Stated Income Mortgage Lenders - We maintain a list of recommended mortgage companies online and update the list regularly.

Signs That You Are Getting Into a Risky Mortgage - Read this article to learn the 15 signs that you are getting into a risky mortgage.

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