Blog entry: Stated Income Programs

With the credit crunch i was wondering if i could still get a stated home income mortgage?  Do they exist still?  I am a recently self-employed consultant in the marketing industry.  I would like to be able to refinance out of an adjustable that is coming due.  I have heard that you can't get a loan like this anymore.  Is it available?  Please let me know asap.  If you can call or email me soon I would appreciate that.  Thanks.

Randall L.

Connecticut

Although extremely difficult to find these days - stated income mortgage loans are still offered in today's market.  The main difference is that these loans were much easier to come by and qualify just 1 short year ago.  Nowadays the guidelines have definitely tightened up, making these loans not only very difficult to find but also much more difficult to get qualified for. 

If you are lucky enough to find a lender that still offers this product - count yourself lucky.  Furthermore you will need to qualify and meet the lender's strict guidelines.  What that most likely means for you is that you will need to have a strong equity position, strong credit, and the ability to evidence liquid assets.

At some point in the future this may change again, but for now this is where we are.  The product is out there and we do offer it on a limited basis - but you need to be a strong applicant to get it.

T. Stafford