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Stated income home loans


Stated income home loans are type of mortgages where the lender don’t verify your income. The mortgage lender will not check your paycheck stubs or any tax returns. In this case Borrower will have to state their income, example: If you qualify for a loan of $200,000 and want to state that your income is $5000 a months so you can qualify then you can do that.

In some cases the lender will send a VOE(verification of employment) only and use the income you stated in the application to qualify you for this mortgage. Stated income lenders are taking a higher risk lending you their money, so most lenders will not consider stated income home loans, but those that will consider will probably charge you higher interest rate and higher mortgage payments.

bottom line, if you can qualify for a full doc mortgage then you shouldn’t even consider stated income loan. Let your mortgage Broker help you make that decision.

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