Stated Income Mortgage Loans
Taking out a mortgage loan is probably the most important financial decision you will make in your entire life. For most people, it is also the most expensive financial venture they will take. Therefore, it is very important that you choose a mortgage plan that suits your needs. If you are self-employed, we suggest considering the Stated Income Mortgage. Keep reading to find out more about this option.
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Overview of Stated Income Mortgage Loans
The Stated Income Mortgage is the most popular and least expensive of no documentation mortgages. This mortgage works well for the self employed, people who work on a cash basis, or people who work on commission. If you get a 1099 instead of a W2, you will be especially interested in this loan. All you need to supply for this loan is tax returns and bank statements for the previous two years.
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Common Questions: Advantages and Disadvantages of the Stated Income Mortgage Loans
- The main advantage of the Stated Income Mortgage Loan is that it give self employed people the loan that they can afford, but cannot prove they can afford. Therefore, they wind up with a nicer home than they could buy with a different type of loan.
• The main disadvantage of this loan is that it charges a higher interest rate than more traditional loans. The reason that this loan comes with a higher interest rate is because the element of risk is high on the lender’s part.
• Like the No Doc Loan, borrowers enjoy a certain amount of privacy when they apply for this loan.
• This loan can be a great way to help build your investment portfolio. Investing in property in California is always a good idea.
• This loan can give you additional tax write-offs.
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