Stated income loan guidelines are going to be different depending on which stated income lender you are speaking with. Stated income loans are still only available at a few lenders so it is important that you shop around between at least a few lenders when you are interested in a stated income loan.
Stated Income Guidelines: Some Examples
A few stated income guideline examples include no ratio, no doc, NINA and even more. These can all be grouped into a general group called “stated income loans” because they are less than the full documentation that is required than for a normal agency backed loan.
Stated Income Guidelines: Feeling Frustrated?
Are you feeling frustrated by the different information that is available regarding stated income loans? The easiest way to feel less frustrated is to speak with multiple lenders about their stated income loan programs and get as much information from them as you can. If they can’t do a loan that you want, be sure to ask them if they know who can.
When it comes to finding the right stated income loan, you can’t shop around enough! Be sure to shop at least a few lenders for their stated income guidelines and rates. You might be surprised at how different it is by lender – some lenders almost cringe when you ask them about stated income loans, others are happy to help you and welcome you with open arms.
The secret to finding the right stated income loan is to shop around for the best lender. Start shopping today!