MORTGAGE.INFO LENDER HOTLINE: 888-581-5008 State Income loans were created for self-employed people or people who have complicated tax schedules but has become more widespread and popular. This loan allows for borrowers to simply state their income, like the title would imply, rather than provide W2s or tax returns in the application process. This is a benefit if you your tax forms do not show your full income. How does a Stated Income Loan work? A SISA, or stated income loan allows you to state your monthly incomes and assets on the loan application and the bank or lender will not need a verification of the information as they would with a conventional loan. However, the lender will want to verify that you are employed with your employer or with a CPA letter for self-employed individuals. Sometimes a lender will ask for bank statements which can determine if you are able to make loan payments. This loan leaves enough room for people who do not have a conventional income to qualify, however there are regulations set in place to insure the lenders that you have an income that can support loan payments. What are the qualifications? Stated income loans usually require a good credit score and a 30% downpayment. Luckily that down payment can be borrowed from the seller or a family member. The interest rates for this type of loan are typically a little higher than conventional market rates with rates between 7%-9% but borrowers always have the option to refinance their home after three years and there will be no prepay penalty. This slightly higher interest rate is due to the low requirements needed to qualify for the loan. This type of loan is a great solution for self-employed individuals who cannot provide conventional proof of employment, or for bowers who cannot prove consistent income and or provide proof of all their income on tax forms. This allows for those people to qualify for a loan with out a long underwriting process and income verification. Many people believed that Stated Income loans did not exist anymore, however they are still a great option if you are self-employed, or unable to show proof of your income. This can help you get in the home of your dreams without a complicated process. Make sure you shop around to get the best rates and program for you. Stated income mortgage loans are coming back with lenders in 2016. See stated income rates, guidelines and lenders

1. Stated
Income
Loans
MORTGAGE.INFO
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

2. State Income loans were created for self-employed
people or people who have complicated tax schedules
but has become more widespread and popular. This
loan allows for borrowers to simply state their income,
like the title would imply, rather than provide W2s or
tax returns in the application process. This is a benefit if
you your tax forms do not show your full income.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

3. How does a Stated Income Loan work?
A SISA, or stated income loan allows you to state your
monthly incomes and assets on the loan application and
the bank or lender will not need a verification of the
information as they would with a conventional loan.
However, the lender will want to verify that you are
employed with your employer or with a CPA letter for self-
employed individuals. Sometimes a lender will ask for bank
statements which can determine if you are able to make
loan payments. This loan leaves enough room for people
who do not have a conventional income to qualify, however
there are regulations set in place to insure the lenders that
you have an income that can support loan payments.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

4. What are the qualifications?
Stated income loans usually require a good credit score
and a 30% downpayment. Luckily that down payment
can be borrowed from the seller or a family member.
The interest rates for this type of loan are typically a
little higher than conventional market rates with rates
between 7%-9% but borrowers always have the option
to refinance their home after three years and there will
be no prepay penalty. This slightly higher interest rate is
due to the low requirements needed to qualify for the
loan.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

5. This type of loan is a great solution for self-employed
individuals who cannot provide conventional proof of
employment, or for bowers who cannot prove
consistent income and or provide proof of all their
income on tax forms. This allows for those people to
qualify for a loan with out a long underwriting process
and income verification.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

6. Many people believed that Stated Income loans did not
exist anymore, however they are still a great option if you
are self-employed, or unable to show proof of your
income. This can help you get in the home of your
dreams without a complicated process. Make sure you
shop around to get the best rates and program for you.
Stated income mortgage loans are coming back with
lenders in 2016. See stated income rates, guidelines and
lenders.
MORTGAGE.INFO
LENDER HOTLINE: 888-581-5008

7. T O L E A R N M O R E
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C L IC K HE R E
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8. Justin McHood is Americas Mortgage
Commentator and has been providing
Mortgage commentary for over 10 years.
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INFORMATION PROVIDED BY:
Justin McHood
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