Stated Income Loans- Mortgage.info

StatedIncomeLoans

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State Income loans were created for self-employedpeople or people who have complicated tax schedulesbut has become more widespread and popular. Thisloan allows for borrowers to simply state their income,like the title would imply, rather than provide W2s ortax returns in the application process. This is a benefit ifyou your tax forms do not show your full income.



How does a Stated Income Loan work?A SISA, or stated income loan allows you to state yourmonthly incomes and assets on the loan application andthe bank or lender will not need a verification of theinformation as they would with a conventional loan.However, the lender will want to verify that you areemployed with your employer or with a CPA letter for self-employed individuals. Sometimes a lender will ask for bankstatements which can determine if you are able to makeloan payments. This loan leaves enough room for peoplewho do not have a conventional income to qualify, howeverthere are regulations set in place to insure the lenders thatyou have an income that can support loan payments.



What are the qualifications?Stated income loans usually require a good credit scoreand a 30% downpayment. Luckily that down paymentcan be borrowed from the seller or a family member.The interest rates for this type of loan are typically alittle higher than conventional market rates with ratesbetween 7%-9% but borrowers always have the optionto refinance their home after three years and there willbe no prepay penalty. This slightly higher interest rate isdue to the low requirements needed to qualify for theloan.



This type of loan is a great solution for self-employedindividuals who cannot provide conventional proof ofemployment, or for bowers who cannot proveconsistent income and or provide proof of all theirincome on tax forms. This allows for those people toqualify for a loan with out a long underwriting processand income verification.



Many people believed that Stated Income loans did notexist anymore, however they are still a great option if youare self-employed, or unable to show proof of yourincome. This can help you get in the home of yourdreams without a complicated process. Make sure youshop around to get the best rates and program for you.Stated income mortgage loans are coming back withlenders in 2016. See stated income rates, guidelines andlenders.



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Justin McHood is Americas MortgageCommentator and has been providingMortgage commentary for over 10 years.

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Stated Income Loans- Mortgage.info

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