| There are many different ways to get a | | | | a steady paycheck from a company they work |
| mortgage loan or a refinance loan anymore and | | | | for. This type of individual should be looking at |
| this can become very confusing for those that | | | | only the normal mortgage programs that require |
| have never been in the mortgage business or | | | | income documentation and other things to qualify. |
| dealt with finances at all. There are programs for | | | | If you are talked into a stated income program, |
| just about anybody that has at least ok credit | | | | then you are setting yourself up for failure |
| anymore and one of those programs is called the | | | | because you will basically have a mortgage that |
| stated income mortgage program. Here is what it | | | | you cannot afford. |
| is and who it is meant for. | | | | Last, if you are self employed, a tipped employee, |
| First, this program is one that allows you to | | | | or get paid cash on a regular basis, then the |
| basically write down how much money you make, | | | | stated income mortgage programs are for you. |
| sign it, and that is it. This is how you get your | | | | These are great for you because you make |
| income documents, which typically consist of | | | | more money than you claim on your taxes and |
| paycheck stubs and tax forms, but with the | | | | these programs allow you to state what you |
| stated program you just write down a number | | | | really make instead of being stuck with what you |
| and sign it. This allows you to use whatever you | | | | claimed you made on your tax forms. This |
| need to, as far as income is concerned, to qualify | | | | program was designed for you and you should |
| for your mortgage loan. | | | | not be afraid to use it. |
| Second, this program is NOT for those that make | | | | |