what is stated income mortgage loans

What Is a Stated Income Mortgage Loan, and Is It Right for. –  · At its most basic, a stated income mortgage is one where the borrower doesn’t have to provide tax returns for income verification. A qualified mortgage, on the other hand, requires tax returns when determining whether or not a borrower can repay the mortgage.

Today, you cannot take out a stated income mortgage. By law, lenders must fully document a borrower’s ability to repay loans. As a borrower, you must provide documents that prove that you have the income or the assets to repay a loan. These laws apply to all mortgages for owner-occupied housing.

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Another "setback" to a stated income loan is that a bank or lender can ask that you fill out an IRS Form 4506-T, which basically authorizes the lender to request your tax returns from the IRS for the previous two years.

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Stated Income Loans Los Angeles, California, Nationwide. – Three Stated income loans programs! Up to 80% Stated Income Loans Nationwide! Search Stated Income Loans by State:

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Stated income loans don’t require income documentation and can be a big help for borrowers with stacks of tax returns. Here’s who can take advantage of the resurrected mortgage program.

The detriments of a stated income loan could be that the interest rates most likely will be higher than a traditional mortgage loan, depending on the lender. The down payments can also be quite high. Many of the stated income loans are based on the equity position in a property.

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Mortgage Mistake: Don’t Lie About Your Income – One big problem that contributed to the housing crisis was the stated income loan, in which borrowers needed to provide little in the way of verification that they could repay the loan. The ability-to.

What Are Stated Income Mortgage Loans? – LoanShoppers.net – A "Stated Income Loan" is a loan program that does not require borrowers to document their source of income with pay stubs, 1099s, or 1040 tax returns to the lender although they declare it on their application.

Stated Income Mortgage – Mortgage Rates & Mortgage Broker. – A stated income mortgage is where the lender does not verify the borrower’s income by looking at their pay stubs, income tax returns, or other income documentation. Instead, borrowers are essentially asked to state their income, and taken at their word. These loans are intended for self-employed.