Stated Income Mortgage - mortgagesfirst.com

Stated Income Mortgages
Stated Income Mortgages are the most commonly used and least expensive product in the reduced or no documentation suite of programs. A Stated Income Mortgage 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, we 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, we can guide you to the least expensive program which will work in your specific situation.
Available Stated Income Loan Terms
Stated Income Mortgages are available as:
15 or 30 year fixed rate require only 10% equity and the rate will not change, however rates are lower with more equity.
5 year ARM
Allowable Use and Property Types
Stated Income Mortgages 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. Please contact me with the specifics of your situation for guidance. If you are unsure a Stated Income Mortgage is the right answer for you, we have included a page on traditional mortgage documentation requirements which may be useful.
The fundamental thing to keep in mind with true NO Doc Mortgages is that the lender only has your credit profile and property to evaluate. If your situation allows verification of either employment or assets you will save some money because you have lowered the lenders risk. The choice is yours.
Underwriting Guidelines
Some general guidelines for a Stated Income Mortgage.
Minimum middle credit score is 640
5 credit accounts are required. 3 may be from alternative sources-utility, auto insurance, etc.
Bankruptcy and foreclosures must be discharged for 3 years with reestablished credit
Two years employment with same employer
Two months PITI reserves are required with an LTV <=80%. 6 months reserves are required otherwise.
10% minimum down payment is required from your own funds. No gifts.
Stated Income programs allow you to purchase or refinance a single family, townhouse or condo. An investment property can be a single family, 1-2 unit, townhouse or condo.
Vacation homes also can be a single family, townhouse, or condo. The loan program can be used with our construction/perm program.

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