Thursday, July 31, 2008

Mortgage Stated Income

By Gressly Stevens

Are you searching for a mortgage, but are having trouble proving your income? Do you need to find a company that will do a stated income mortgage for you? Mortgage, stated income, is a great way to get a mortgage if you cannot prove what you make with tax forms or paycheck stubs. Here is how it works.

First, you need to make sure you are in the right situation to use a stated income program for your mortgage. If you work for a paycheck and have been working in the same industry for over 2 years, then you do not need a stated income program. This program is for the self employed, tipped employees, and independent contractors.

The stated income program works like this. It is pretty simple, you will write down how much you make on a monthly basis or yearly basis and sign it. That will work as your income documents. The mortgage company will not ask for any proof and will not verify anything income wise.

A couple of things you need to know about stated income mortgage. You will be considered a bit more of a risk than someone that can prove their full income. This will cause your rate to be a bit higher and your LTV to be a bit lower. They will also want you to have pretty good credit or you will not qualify.

Now you know about the mortgage stated income program and if you are a self employed individual, a tipped employee, or an independent contractor, then you can use this type of mortgage program to get the mortgage you need.

Discover the companies that do Mortgage Stated Income. Go here for more info:

Mortgage Stated Income

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