Are you trying to refinance your mortgage or purchase a new home? Has your mortgage broker or account executive recommended stated mortgage loan programs that you do not understand whatsoever? There are reasons why they might recommend these programs and reasons why you should avoid them. Here is what you need to know about stated mortage loan programs.
First, if you are a typical worker that collects a paycheck each week or every other week, then this is a program that you need to avoid. It is being recommended to you because they cannot get the loan done with another program. This is usually a sign that the mortgage you are trying to get is one that you really cannot afford and the stated program will just set you up for failure and possibly foreclosure.
Second, if you are self employed, then this is your program. It was originally designed for self employed individuals because they have a lot of trouble proving their real income and this makes it very difficult for them to be approved for other types of mortgages. This is the perfect program for self employed and if you have very good credit, then it will be a very easy mortgage for you to obtain.
Third, if you are a tipped employee, independent contractor, deal drugs, prostitute yourself, or get paid cash for a service, then this might be the program for you as well. These types of individuals have a lot of trouble proving their income or cannot do so because of what they do so the stated mortgage loan programs work out very well for them. However, these individuals should always try to qualify for a different program first before trying the stated income program.
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Stated Mortgage Loan Programs