Are you trying to refinance your mortgage and are having trouble because of your income? Do not fear there is a stated income mortgage program that can help you get the refinance loan that you need. Here are three situations to use a Stated Income Program for.
First, if you work for tips and you don't claim all of them you may want to try a stated mortgage program. This will allow you to write down how much you make each month, sign it, and be done with it. They will not ask you to verify the income with paycheck stubs or tax forms at all.
Second, if you are self employed and you need to refinance you will probably have to use a no income verification mortgage program. Chances are you will have trouble proving how much you make each month because of expenses and other reasons. You can use this type of a mortgage program in order to get the refinance you need for your mortgage.
Last, if you are an indepenent contractor or get paid cash under the table you will want to ask about a stated income mortgage. This will allow you to get the refinance loan you need without having to bother with proving all the money you make under the table or in cash.
If you have good credit and you can prove your income, then you should make sure not to be talked into a stated income mortgage because it will not be beneficial for you. However, if you fit any of the above situations, then this type of stated mortgate program will work great for you.
No Doc Equity Loan with No Income Verification/