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A stated income mortgage may be the best option for you if you have verifiable assets, confirmed employment and an acceptable credit score. It may also be an option to consider if you are self-employed.
On the application, you simply state your income. State income loans with fixed or adjustable rates are available for qualified buyers.
The interest rates on stated income loans are generally higher than a fully documented loan because the lender is assuming more risk. So consider this product carefully, to make sure it meets your needs.
Stated income loans offer simplicity to the mortgage process with the convenience of less documentation than a traditional home loan.
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