Question:

What are the stated income mortgage loan interest rates?

Answer:

Stated income mortgage loan interest rates will vary among lenders and loan programs and borrowers. An employed borrower with additional income sources will usually get better rates than a self-employed individual. Stated income 100% financing with good rates is available for borrowers with higher FICO score - 680+, while 95% LTV and less financing options are available to borrowers with lower credit score.

Subprime stated income loans (credit score of 600 and below) will have significantly higher rates compared to prime rates. Additionally, B, C and D categories will have even higher rates.

Often, when qualifying borrowers, lenders will request higher FICO score to qualify you for the same loan amount as compared to a full doc. Some lenders will offer to stated income borrowers the same rates as full doc loan rates, if the borrowers have excellent credit above the minimum required for the full doc program.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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