Stated Income Mortgage

A Stated Income mortgage program is where the source of income is verified by the lender with the applicant, however the amount of income is not disclosed.

Many borrowers choose stated income programs either for not being able to produce enough income or lacking the time on the job. Today lenders also look at ratios of home expenses to stated income to insure borrowers ability to pay the mortgage. The problem for many is they have to many other debts and because of this they cannot meet the ratios for debt to income. If you employed and need a mortgage but your income is non verifiable you may quality for a Stated Income program. The Stated income program has slightly better pricing than a no income program. If you do not have sufficient time on your job or in your industry to qualify for a fully documented mortgage then a Stated income program might be your solution. While some of the no income and stated income programs require slight add-ons to the best pricing there are others that have no add-ons. To qualify for no add ons you would need certain loan to values and credit requirements.

RefinancingUSA specializes in no-income, stated income and self employed. We have a large selection of programs to meet your individual mortgage requirements.