| The lending industry took a significant beating | | | | mortgage application. |
| from the sub prime mortgage crisis that occurred. | | | | If you are interested in getting a stated loan, it is |
| With lenders offering loan to borrowers who | | | | important to know that it can be very difficult to |
| should not have been approved, it is not surprising | | | | get your application approved. Since the mortgage |
| that the default rate was so high. Fortunately, | | | | market meltdown many lenders have changed |
| credit has begun to free up and it is now possible | | | | some of the requirements that mortgage lenders |
| to get a loan approved by certain lenders. If you | | | | had. In the height of the whole mortgage bubble |
| are interested in getting a stated income loan it is | | | | you could get a stated loan approved for a fixed |
| important that you do your homework. The | | | | rate as low as 5.75%, with no money down, no |
| stated mortgage rates do differ slightly from | | | | income verification and a subprime credit score. |
| traditional loans because they are riskier. | | | | This led to a large amount of abuse. |
| People who are interested in getting stated loans | | | | Stated loans often were called liar loans because |
| are usually contractors or self-employed individuals | | | | of the amount people used to lie in their |
| who have a hard time proving their income. The | | | | application. If you want to apply for a mortgage |
| stated loans allow for people to simply state their | | | | rate today you will need to have a good credit |
| income in the mortgage application. Borrowers do | | | | rating and down payment for your loan. Getting |
| not have to worry about having traditional | | | | the best stated income mortgage rates will |
| documents such as W-2s to prove their income. | | | | require you to do enough work to ensure that |
| They can simply state their income in the | | | | your loan application is attractive to lenders. |