Best rate for Stated income program
January 23, 2023 | Posted by: Alex Vinarski
5.99% 3 years fixed rate mortgage under Stated Income Program. Minimal income verification.
Up to 80% of the property value. Purchase and refinancing.
For self employed only need to show 3 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 48% from the gross income can be used for mortgage payments ( regular mortgages 39%). One time 1% lender fee. No fee on renewals.
On insured mortgages with full income verification rate 4.99% for 3 years, and 4.69% for 5 years.