By Jason Boone
If you remember the early 2000’s, a stated income mortgage loan was commonplace as many people in Bend and across the United States were able to get mortgage loans based on their stated income alone and now stated income mortgage loans are finally back.
Stated Income Mortgage Loan Definition
Stated income is defined by Wikipedia as: “A mortgage where the lender does not verify the borrower’s income by looking at their pay stubs, W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word.”
How to Qualify For a Stated Income Loan
To qualify for a stated income loan you must be able to show that you have enough money in the bank to pay between six and twelve mortgage payments plus you will also be required to show 12 months-worth of bank statements, paycheck stubs and other documentation which verifies that you have the ability to repay your mortgage loan.
You can come in with a credit score of 620 when you apply for a stated income loan but a credit score of 700 or higher is always recommended.
It’s also important to know that with a stated income mortgage loan you will also be paying up to three quarters of a percentage point more for your mortgage loan than you would with a traditional mortgage loan.
Buy In Bend
To get started with buying a Bend Oregon home contact me, Jason Boone, Principal Broker with the Skjersaa Group | Duke Warner Realty by calling me at (541) 383-1426 or by clicking here to connect with me through my website.