Stated income programs are still alive and well. There have been some changes over the years with the changes in federal regulations, but stated income is still a valuable tool for the self-employed business owner to qualify for the mortgage you need.
Stated income programs allow you to literally state your income to use to qualify for your mortgage. This is only available to the self-employed.
There is some reasonability to what income you can state, it must be reasonable for your ...

When purchasing a property you will need a down payment. Whether you put 5% down payment or 35% down payment, lenders need to know where the money is coming from. Federal regulations requires the lenders to collect documentation that proves where the money is coming from. This helps to prevent money laundering and mortgage fraud.
The standard rule for mortgage down payment is a 90-day history of your bank account that proves the money is in your account. If the money has not been in you...

Your credit score has a significant influence on the mortgage interest rate that lenders will offer you. Knowing what lenders look for and how to maintain your credit report will give you an edge when applying for the mortgage you want. If you are looking for the best interest rates in the market then most lenders will want to see a minimum of a 680 beacon score on your credit report. Some specialty programs may require a 700 or 720 beacon score, but generally, a 680 score is required to qu...

Are you interested in having a residential line of credit but don't know if you would qualify because you are self-employed? A line of credit is a great tool to help manage cash flow and provide security for those unplanned expenses. There are several options available for the self-employed homeowner. You can either add the secured line of credit behind your existing 1st mortgage, or you can refinance your existing mortgage and add that line of credit. Both options have different crit...

Do you earn commission income? Having a hard time qualifying for the mortgage you want? Real estate agents and insurance brokers are two common businesses that tend to be 100% commission based. Lenders consider commission income with a bit more risk than other types of self-employed business income. Three things to consider when seeking a mortgage using this type of income: Some lenders do not accept commission income for qualifying purposes. It is important to realize this niche and choo...