STATED INCOME MORTGAGES

There are many different types of loans available today with all different documentation requirements. One very popular type of loan is a stated income mortgage. A common mistaken consumers make when shopping for a loan is looking for a "no doc" mortgage, when what they really need is a "low doc" or "stated income" mortgage. When a person is self-employed and can't show their true income, but has plenty of assets and has been in business for at least 2 years, they only need a stated income loan. Stated income means just that -- you state your income, but do not need documentation to back it up. A stated income loan is much easier to qualify for than a no doc loan (no income, no assets and no employment); costs less, allows for a higher LTV (loan to value), and has better rates. Stated income loans are also available for problem credit.

Stated income loans were originally designed for self-employed borrowers who had too many business write-offs to show what they actually made per year. Today, however, many lenders offer stated income mortgages for W-2 employees also. Keep in mind, that for stated income to work, the income stated has to be realistic for the employment stated.

First National Mortgage Sources offers many different types of low doc stated income mortgages, including interest only, 40 year terms, 100 percent financing, problem credit loans and option arms. These loans are available for first time homebuyers, retired borrowers, and foreign nationals as well. A stated income loan can be used to purchase a primary residence, second home, vacation property or investment property. To see what type of loan you need to qualify, call us toll free at 866-535-8987 or fill out our secure online application or prequalification form.

Let the experts at First National Mortgage Sources help you refinance your mortgage or buy the home of your dreams today!

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