Question:

Can I get a stated income second mortgage?

Answer:

Yes, you can. A stated income second mortgage is the perfect choice for self-employed borrowers who do not need the hassle of regular paperwork.

Stated income and no doc second mortgage loans are available to good credit borrowers. They can reach up to 100% equity although some lenders will do 125%.

Stated income second mortgage are often used for debt consolidation purposes, and require no mortgage insurance.

Who is eligible for a stated income second mortgage?

  • Self-employed and commissioned borrowers
  • Applicants must have good to perfect credit
  • Two years self-employment in the same field

Stated income second mortgages come with or without asset verification. In case you need to verify assets, you will be asked to show several months reserves to make payment. A No Doc second mortgage will not require asset and reserves verification.

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