Boca Mortgage Blog

Stated-Income Home Mortgage Loans

January 13th, 2015 4:57 PM by Leonard Silvestri

Stated income home mortgage loans have made a comeback as mortgage lending companies cannot ignore loan-seeking customers any longer. 

Besides asking for high down payments, lenders check potential clients' assets to cover anywhere from six months to a year of payments. Some lenders stick to the belief that stated income home mortgage loans could easily be abused through falsified bank statements- the number one reason why major banks refuse to offer these types of loans. In order to distance the new loans from the stigma brought on by the housing crisis of 2008, the loans go by other names such as "asset-based loans" and "alternative-income verification loans".

Stated-income loans are best fit for small business owners who may be perfectly able to repay a loan, but whose income tax returns may not accurately depict that. 
Posted by Leonard Silvestri on January 13th, 2015 4:57 PM


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