The stated income loan is perfect for self employed, commissioned, truck drivers, retired, and subcontracted. Many self employed borrowers will get turned down by lenders if they submit an application that is full doc. The reason they will be turned down is because of their debt to income ratio being too high. If you have a small business and you take maximum advantage of the legal right offs you can have, your net income will be low on your 1040 tax return. In fact your income will probably be too low to be approved with the normal mortgage loan process.
On a full document loan, the borrower must prove his/her income with documentation. The borrower is required to submit W2s, pay stubs and tax returns. A stated income loan is much easier. The borrower states their income and the income is not verified. The borrower is not asked for W2s, pay stubs or tax returns.
While lenders are eliminating the stated income loan, Cincinnati Mortgage, LLC of Florida continues to offer this fantastic loan product. Currently, CM of Florida is offerint stated income loans in Florida for primary residences, second homes, vacation homes and investment property. The loan to value is up to 100%. That's right, 100% financing with nothing down on Florida real estate.
Bill Burress is the founder of Cincinnati Mortgage, LLC of Florida. Bill has 26 years experience in mortgage originating. Cincinnati Mortgage, LLC of Florida approves commercial loans in all 50 states U.S. and residential throughout the state of Florida. Cincinnati Mortgage, LLC of Florida approves loans others cannot. You may contact Bill Burress of Cincinnati Mortgage of Florida at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form
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