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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