Stated income loan lenders are still out there!
Stated income loan lenders are still funding stated income deals and are helping borrowers that can’t qualify for a mortgage. Stated income loans can be helpful for owner occupied properties and investments properties as well. This is a great tool that can help you in buying and selling real estate. There are some requirements to qualify for this type of loans and in most cases lenders will want strong credit score of 700 or above.
If you can provide the stated income loan lenders with some confidence that you are a good borrower then you most likely will qualify for a stated income loans with no problems. Stated income loans do offer higher interest rate that will result in higher monthly mortgage payments, but it’s much better then not qualifying at all, right?
To learn what kind of stated income loan lenders is good for your situation ask your mortgage broker and/of realtor and see if they know anyone. If they don’t give us a call and we will try to help you find the right lender for your situation.