Stated Income Mortgage Financing - Changes in 2007

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

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