STATED INCOME MORTGAGE

Stated income mortgage are often made to commission based or self employed borrowers in lieu of having them provide tax returns and other income verification documents for thier loan approval.

A stated income loan allows yoo to state your income (but not over state though as many do).  It also requires a higher than normal credit score (usually 680 or above), and requires a CPA to write a letter verifiying that you have at least a 2 year history of employment in your field.

For this, you will pay a higher rate and be charged slightly higher fees due to the increased risk to the lender.

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