Don’t show enough income on your application? NO PROBLEM!
Now, you may be thinking, aren’t these types of loans that got us in trouble back in the early 2000’s? Absolutely not! The risky loans of days past put buyers in a bad position in two ways: 1. They had very little requirement for downpayment so there was little equity in the homes to begin with and 2. They were structured as variable rate mortgages which meant their monthly payment could increase, and well, they did! The housing bubble popped because when the stock market collapsed, rates sky-rocketed, leaving homeowners unprotected. Also, because the prices of homes fell so drastically, they were unable to sell to get out of those bad loans.
Today’s market is completely different and so are the loans! Firstly, with fixed interest rates, homeowner’s principal and interest never goes up! Secondly, as of 2022, there is three times more equity in financed homes in the U.S. than there is mortgage debt. This means that if the homeowner ever got into deep water, they could easily sell and walk away with the equity they accumlated!
This loan is designed for buyers who have the ability to satisfy their monthly payments, but cannot prove it on paper. Whether you are self employed, or a W2 employee, you may qualify for a Stated Income Loan. Call or message us today, and see if you qualify with the assistance of one of our experienced Home Loan Specialists!