What It Takes To Qualify For a Stated Income Mortgage in 2007

Well, it is a plain and simple fact that the 2007take advantage of some excellent stated income
mortgage arena has changed quite a bit over themortgage programs that can provide them with
last few months. Home buyers wishing to get aas much as one hundred percent of the
stated income home loan will now be required toproperties purchase price. At the time of this
have not only a higher credit score, but a morearticle, most home buyers can still obtain a one
extensive credit history. In 2006 it was veryhundred percent stated income mortgage on a
simple for a self employed or wage earner to gethome if they have at least a 680 credit score.
a stated income mortgage. Some lenders wereHowever, rates are much better for home
approving home buyers with credit scores as lowbuyers with a 700 credit score or better. Be sure
as 580 for hundred percent stated incomewhen shopping for a stated income mortgage
mortgage financing. It is now easy to see whythat you ask the mortgage broker what not only
those lenders have shut their doors forever.your rate will be, but what the terms of the loan
A stated Income Mortgage was originally designedare. Most mortgage lenders in Georgia, Florida,
for the self employed home buyer and not theMaryland and North Carolina are still offering one
wage earner. A Stated Income home loan is ahundred percent stated income mortgage
good mortgage product, as it allows home buyersfinancing. Stated income mortgage loans will be
that have a difficult time in documenting theiraround for a while I think. But, the days of credit
income to get a home loan without verifying thechallenged borrower getting high loan to value
amount of their monthly and annual incomes. Thestated income home loans is gone for good in my
rates are usually a little higher. However, a homeopinion.
buyer with a good to excellent credit history can