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Loans with Stated Income

Mortgage Library: Ask a Mortgage Related Question: Answers: Loans with Stated Income

Question:

Are there any loans with stated income that don't require a large down payment? Our credit is decent, but we are self employed and don't have the necessary tax forms or bank statements. We have been renting for over 11 years because I can't find anything in TN.

S.
Madison
Tennessee

Answer:

Hello S.,

Thank you for your question. There are a ton of purchase money programs that do not require any money down even with stated income! Also, you can qualify with many lenders even if you do not have business bank statements, business tax returns, or even a business license. All you need for proof of self-employment is a letter from your CPA (Certified Public Accountant) stating you have been self-employed for at least two years. These programs are pretty amazing and they only require you to have average credit. 

S. M.


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