STATED INCOME MORTGAGE | STATED INCOME LOANSStated 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 their loan approval.
A stated income loan allows you to state your income (but not over state though as many have done in the recent past few years). It also requires a higher than normal credit score (usually 680 or above), and requires a CPA to write a letter verifying 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.
Due to current market conditions, these loans now require a minimum 30% down payment or 30% equity for a refinance.
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