Best rate for Stated income program
October 22, 2023 | Posted by: Alex Vinarski
6.54% 3 years fixed rate mortgage under Stated Income Program for self-employed. Minimal income verification.
Up to 80% of the property value. Purchase and refinancing.
For self employed only need to show 6-12 months bank statements with deposits from business and business registration. No tax return required. Commission income (good for realtors who can't show high income on tax return). Tips and cash income also accepted, as long as money deposited to account. Bad credit OK.
For employees lender use extended ratio: up to 60% from the gross income can be used for mortgage payments ( regular mortgages 39%). One time 1% lender fee. No fee on renewals.
