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With Stated Income Programs you don't need to
verify income, though there are slightly higher rates,
the loan is subject to faster approval. This type of
loan/mortgage is perfect for Long Island business
owners. Stated Income Mortgage Loans are among the
most commonly used and least expensive loan programs. A
Stated Income Mortgage Loan is often the perfect choice
if you have verifiable employment (self employment is
fine) and assets. Income that is stated on the
application must be reasonable in terms of your
occupation and assets.
Stated Income Mortgage Loans are available for Single
Family, Townhouse, some manufactured housing, and low
rise condos. Some programs allow high rise condos 2-4
unit buildings, second homes, or investment properties
but are slightly more expensive or require more equity.
Allowable uses are for purchase or rate and
refinance. The programs will allow a "cash out"
refinance but there are limitations on the allowable
cash back. |
