Stated income mortgage loans have become harder to obtain but are still available to those who meet the stringent qualifications. Even those who have bad credit or a low credit score may be able to qualify for a stated income mortgage.
Banks and lending institutions want to lend money. They just don’t want to get caught making a loan that can’t be paid back. Anyone can fall into hard times and end up with damaged credit. Even those with high incomes may occasionally blow it and miss payments or act irresponsibly with their mortgage. Some lenders understand this and are willing to take on the borrower with less than stellar credit.
This is often the case with Stated Income Mortgage Loans
As much as some people would like to believe it is common these days for people to have good jobs or a thriving business and still have bad credit. If you work for a company or even own your own business, things can go awry at times. Imagine all of the sudden having no job and no income whatsoever. That can be extremely tough and gut-wrenching at times.
Many people also got into what was the granddaddy of all bad credit home loans, the Negative Amortization loan or what was referred to as a Pay Option ARM (Adjustable Rate Mortgage). These Neg-Am loans were attractive for many reasons, primarily because they allowed people to pay a very small monthly payment on a huge mortgage balance that they could not have afforded had the loan been structured as an interest only loan and especially not as a fully amortized (principal and interest) loan.
Fortunately there are services at your disposal that can be of assistance. These services can provide you with the loans you need to get things back in order. For instance, maybe you have accrued an absurd amount of credit card debt. If the companies raised the annual percentage rates, then you may be in serious trouble. For people who can no longer afford the monthly payments, a loan might be necessary in order to consolidate. Naturally if you cannot pay all of your bills, your credit may be poor. At this point you can check out loans for people with bad credit.
A real estate mortgage broker may be able to help overcome some of your problems and get you a loan. Stated income mortgage loans can still be your best option if you have a savvy broker who will find the right lenders for your situation. After all, you can’t do better than having an expert working for you.