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Stated Income - Stated Assest Loans.
Stated Income-Stated Asset Loans are the perfect loan for borrowers who do not wish to supply income documentation or bank statements. The income and assets are stated on the loan application and no copies of pay stubs, w-2´s, tax returns or bank statements are required.
There are credit score requirements that are needed for this type mortgage and can vary from lender to lender. The credit score will determine what rate and program can be used. Stated Income-Stated Asset Loans are offered as a Fixed Rate Mortgage or an Adjustable Rate Mortgage.
The lender will require employment verification with your employer or ask for a business license or letter from your accountant if you are self employed. If you are self employed they will ask for proof for at least 2 years in business.
One point to remember, the income stated on the application must be reasonable for your line of work.
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