There are very few Stated Income Loans left for borrowers who need to use them. The few programs left have very strict underwriting guidelines. Below is a list of borrower attributes that an automated underwriting engine will look at when qualifying a person on a stated income mortgage loan.

• credit score above a 720
• Liquid Assets must reflect stated income used to qualify
• 6 to 12 months of reserves in the bank
• 2 borrowers are preferred
• 5 years with the same employer or 5 years of self employment is needed.
• Minimum of 10% down on a purchase - the more... the better chance you have of getting approved
• 90% LTV on a refinance is required

Even if you have all of the above positive attributes the automated engine may still not approve your request for a stated income mortgage. You will need to give a complete application so that we could run your information through the automated system to see if you qualify.

1st Metropolitan Mortgage