Question:
Are there stated income 2nd mortgage loans?
Answer:The growing number of self-employed borrowers makes it necessary for lenders to offer stated income 2nd mortgage loans. Since the need of second mortgage loans with less than full documentation is also growing, there are lenders who have developed different stated income 2nd mortgage loan options.
Stated Income Home Equity Loans
Stated income and No doc options exist for second mortgage loans as well as for home equity loans. Some of the popular features of second mortgage loans are as follows:
- No income verification and high credit scores.
- Most lenders require 2-year record of practice in the same business; some lenders, though, are being more flexible and waive this requirement.
- From 2 to 6 month of PITI payment cash reserves may be required. In case the borrower has excellent credit, cash reserve requirement could be waived.
- Stated income 2nd mortgage loans are taken to consolidate credit card debt, finance home improvements or simply as family cash reserves.
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Common misspellings: mortage and morgage