Stated Income Mortgage Loans

Stated Income Mortgage Loans  are a form of mortgage loan that are part of a family of  mortgage loans, where little or no documentation is required to obtain the loan.

A conventional residential mortgage loan requires lots of documentation including a list of all creditors, last two or three paycheck stubs, W-2s and returns on income tax for the past two years, bank statements going back two months, and legal documents in case of bankruptcy or family misadventure.

Prospective home buyers who cannot show the requisite level of household income but do have funds as well as good enough credit history to obtain a home loan are prime candidates for stated income mortgage loans.

To qualify for this type of mortgage loan, the borrower only needs to state income for the last two years or more and have good credit.  (continued below)

The typical profile of a home owner who ultimately receives a stated income mortgage loan is someone with an irregular income who works on commission or is self-employed.

Stated income mortgage loans are considered much higher risk than conventional mortgage loans and consequently the underlying mortgage payments and interest rates on this type of loan usually reflect the higher risk, and the LTV (loan to value of property ) is more restricted.

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