Stated Income Mortgage
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Home Page > Finance > Mortgage > Stated Income Mortgage
Stated Income Mortgage
Posted: Oct 11, 2010 |Comments: 0
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Do you struggle to prove how much money you actually make each month? Are you self employed, a tipped employee, paid cash, or an independent contractor? If so, then a stated income mortgage might be right for you. This type of mortgage will allow you to refinance your mortgage without proving your income. Here is how it will work for each situation.
Tipped employees never claim all of their tips and most of what they don’t claim is cash. These type of employees might claim half of their total income, which can make it very difficult for them to get the mortgage they deserve. With a stated income program they will be able to get the mortgage they deserve without all the hassle.
If you are self employed, then you know that you have trouble proving your actual net income. This makes it very hard to get the mortgage loan you deserve. However, with a stated mortgage program you will be able to get exactly what you need for your refinance loan.
Independent contractors or those that are paid cash under the table usually have a lot of trouble proving any of the money they make. This is one of the hardest things to get past when it comes to getting a mortgage for a new home or refinancing your current mortgage. With the stated income mortgage program you will be able to get the loan you need.
If you have good credit and you can prove your income, then you should make sure not to be talked into a stated income mortgage because it will not be beneficial for you. However, if you fit any of the above situations, then this type of stated mortgage program will work great for you.
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