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.

Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Why: Find your next home and save money.
Link: Search thousands of foreclosures. Free 7-day trial.
Link this QnA Print del.icio.us Digg
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
 Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA:

Common misspellings: mortage and morgage