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A stated-income mortgage is a "low-documentation" loan in which you're not required to provide documented proof of your income. You must have verifiable employment, and you must have assets.
Stated-income mortgages are great for small business owners, and people who work on commission or are self-employed. With this type of loan, your income doesn't have to be proven. The lender takes you at your word as to your stated income, and can only verify whether your reported income is in line with industry standards for your occupation.
Potential borrowers must have a mid- to high-level credit score, and must be able to verify assets. Most lenders require assets equal to six months of the stated income.
It's possible to get a stated-income mortgage with as little as 5% down, but you'll pay a higher interest rate. If you're able to put 20% down, your interest rate will only be an eighth of a point to a quarter of a point higher than that of a conventional mortgage.
As mentioned above, stated-income loans are usually sought by the self-employed, but it isn't enough to claim that you work for yourself. Support yourself by providing a copy of your business license and any other documentation that shows you do business under your own name or a D.B.A.
When you're self-employed, the federal government allows you to write-off many of your expenses on income tax returns, such as office equipment, utilities and materials you have to purchase. When you take advantage of every write-off, however, you reduce the amount of declared income that can help you gain approval for a stated-income loan.
You can increase your chances of approval with a stated-income loan by increasing your savings. The more money you can put toward the down payment, the more likely you'll be considered for approval. The self-employed have to work twice as hard for consideration by mortgage lenders, so don't start the application process until you have significant financial resources.
In addition to whatever documentation you can provide and the amount you can add to your down payment, don't forget the importance of a solid credit rating. Before applying for stated-income loans, make sure you don't have any blemishes on your credit report. Boost your rating by paying bills in full and managing your credit accounts meticulously.
Stated Income Verified Assets (SIVA)
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Loan approval is based on your stated income, job or self-employment, credit history, and verified liquid assets. You will need to disclose your income, which must be reasonable in your profession. The verified assets should be consistent with the income claimed.
Stated Income Stated Assets Loan (SISA)
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This loan features no assets being verified. You only state your income and state your assets on the application. This program carries a slightly higher rate because there is no asset verification.
No Ratio Loan (No Income Disclosure)
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This programs allows the borrower to disclose no income information on the loan application but liquid assets and job or self-employment are verified.
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