Self Employed Loan / Stated Income Loan

Stated Income Mortgage Loans are the most commonly used and least expensive product in the reduced or no documentation suite of programs. A Stated Income Mortgage Loan is often the perfect choice if you have verifiable employment (self employment is fine) and assets but your verifiable income is just a little low for what you want to do.

After a very thorough analysis of your debt and verified assets, Lender will assist you in determining the income to be stated on the application to meet the ratio calculation requirements. All other information on the application is verified. The Stated Income Mortgage is the least expensive product if it works for you. If not, a No Ratio or true No Doc mortgage but may be a better choice. The point is, with decent credit, I can guide you to the least expensive program which will work in your specific situation.

Stated Income Mortgage Loans are available for Single Family, Townhouse, some manufactured housing, and low rise condos. Some programs allow high rise condos 2-4 unit buildings, second homes, or investment properties but are slightly more expensive or require more equity. Allowable uses are for purchase or rate and term refinance. The programs will allow a "cash out" refinance but there are limitations on the allowable cash back.