Stated Income Mortgage (By Anthony Rigney)
A stated income mortgage may be the best option for you if you have verifiable employment and an acceptable credit score (typically a FICO of 680 or higher). This type of loan is often used by self-employed borrowers because of the ease of providing less documentation. On the application you simply state your income but it must be accurate and reasonable for your job type.
Self-employed borrowers must be able to show a two year employment history in the same field. This can typically be done in one of two ways; either with two years of a State Business license or a letter from your CPA. For wage-earners the verification is much simpler. Often a telephone call to the HR department of the Employer will suffice. The lender will not attempt to verify income only employment.
If your loan is a SISA (state income state assets) you will also state your financial assets. On a SIVA loan (Stated income verified assets) you will be required to document your financial assets and account for any recent large deposits. Both fixed rate and adjustable rate loans are offered under these programs. Please be aware that if you select a stated income mortgage, you may receive a higher interest rate than could be obtained under a fully documented loan.
Stated income loans help prospective buyers who may not qualify for a traditional mortgage achieve their homeownership goals.
As always, it is important to carefully assess your financial situation before making a major commitment. This will help ensure that you don't get in over your head.
This article was submitted by Anthony J. Rigney. Mr. Rigney is the President and owner of First Integrity home loans LLC, a Florida based mortgage broker. For more useful tips please visit our website at the address below.
http://www.myfloridarates.com
Article Source: http://EzineArticles.com/?expert=Anthony_Rigney
http://ezinearticles.com/?Stated-Income-Mortgage&id=774253
Self-employed borrowers must be able to show a two year employment history in the same field. This can typically be done in one of two ways; either with two years of a State Business license or a letter from your CPA. For wage-earners the verification is much simpler. Often a telephone call to the HR department of the Employer will suffice. The lender will not attempt to verify income only employment.
If your loan is a SISA (state income state assets) you will also state your financial assets. On a SIVA loan (Stated income verified assets) you will be required to document your financial assets and account for any recent large deposits. Both fixed rate and adjustable rate loans are offered under these programs. Please be aware that if you select a stated income mortgage, you may receive a higher interest rate than could be obtained under a fully documented loan.
Stated income loans help prospective buyers who may not qualify for a traditional mortgage achieve their homeownership goals.
As always, it is important to carefully assess your financial situation before making a major commitment. This will help ensure that you don't get in over your head.
This article was submitted by Anthony J. Rigney. Mr. Rigney is the President and owner of First Integrity home loans LLC, a Florida based mortgage broker. For more useful tips please visit our website at the address below.
http://www.myfloridarates.com
Article Source: http://EzineArticles.com/?expert=Anthony_Rigney
http://ezinearticles.com/?Stated-Income-Mortgage&id=774253
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