Ever heard of a stated loan?

[icebrat001]

If so, can you tell me more about it please?

 

[icebrat001]

bump .

 

[pixiemomma]

We have stated loans on both our homes because my husband is the breadwinner and self-employed. The bank used our checking statements and business hostory instead of our tax returns to underwrite the loan. We do pay about a point higher in interest than the national average.

 

[scubamouse]

if it's for a mortgage, it means that you state your income and assets w/o providing back-up documentation.

if you do a loan like this, you will pay a higher rate than a full-doc loan. if you wouldn't qualify for the loan amount, people will do stated loans and get a bigger loan. problem is that a lot of people don't realize that if you state your income, and it's higher than your actual income, you might have trouble paying that stated loan.