That's right, there are lenders that a certain income / stated asset mortgage for W-2'd wage earners out there offer. Banks and building societies had stopped with these types of mortgages due to the fact that they thought that if you workers of a company, you should always pay by W-2 and therefore have to be able to show all your receipts. Stated income / stated asset mortgages for self-employed borrowers are still available and were always available andI do not think that changing in the near future because there are really too many entrepreneurs who depend on this type of mortgage to get their new home.
This type of mortgage is Fannie Mae. It is considered subprime so do not expect Fannie Mae Prices on this mortgage.
To have this type of mortgage you have good credit scores, but they must not be good. You must qualify at least mid-credit score of 620 for the program. Rememberthat the lower your credit score the more higher the interest rate. Be on this type of mortgage the lender is not as high on the loan to value, but what can you expect in a small market for mortgages? Most mortgage lenders are as high as 80% loan to value.
With this type of mortgage you can usually also a little better rate if you reserve of 6 months can be seen. The lender feels secure in lending you money if you have some of your own.
There are other types ofPrograms are, if you have trouble showing your income. Some mortgage lenders offer a mortgage program in the use of average balances on your monthly bank statements to calculate your income. This type of mortgage may also contribute to the self-employed borrowers, because they have a lot of money coming into their checking account can also be a lot going out.
Remember, with this crazy market for mortgages, that these and other mortgage programs are subject to change on adaily.
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