Question:
What are the benefits of stated income interest only loan?
Answer:A stated income interest only loan has the benefits of stated income mortgages combined with the attractiveness of interest-only option.
Benefits Of Stated Income Interest Only Loan
- The interest-only option does allow the borrower to qualify for higher loan amounts.
- It maximizes cash flow and tax deductions. Regarding tax deductibility, always contact a tax advisor.
- Even though interest only payments are required, some loans make it possible to pay towards the principal without any prepayment penalties.
Stated income interest only combined allows different levels of loan documentation, particularly helpful to those who are self-employed, or have a difficult tax return. Different levels of stated income/assets will let you get your loan without disclosing and/or verifying income and/or assets, depending on the available program.
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Common misspellings: mortage and morgage