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Stated Income Loans
Please note that the rates below are NOT for stated income loans. We are not aware of any mortgage companies offering stated income mortgage products at this time.
Stated
income loans were originally designed for self employed
borrowers to help reduce the amount of paperwork needed
for loan approval. Underwriters placed more weight on
a borrower's credit rating and assets when determining
the consumer's ability to repay the loan. Like many
riskier loan products of the past, stated income loans
were negatively taken advantage of by both consumers
and mortgage professionals.
The end result was a
high default rate and the eventual termination of most,
if not all, stated income loan products.
Today, self employed borrowers are typically required
to furnish 1-2 years of tax returns when applying for
a loan. You can contact the lenders and brokers
located throughout this web site to learn more about
what products are available in today's marketplace.
Self Employed Mortgage Financing Assistance
ForTheBestRate.com has helped thousands of self employed borrowers connect with
mortgage companies throughout the country. While stated
income loans may be hard, if not impossible to find,
there are plenty of creative financing products out
there that may help you accomplish your financial goals.
