Morgan Brown at Blown Mortgage posted a great article regarding "stated loans" from a consumers viewpoint.
Below is an excerpt from his post. I highly recommend you read it in its entirety:
"I wanted to look at this issue from both the consumer perspective and the mortgage professionals point of view. We'll focus on why it is bad (for the most part) from a borrower's stand point in this post.
As a consumer:
Using stated income always sounds like a good idea, because it lets you qualify for a loan that you otherwise would not be able to get. While it sounds exciting to buy the house with the extra bedroom or get an additional $20,000 out of your house with a refinance - it is almost never a good idea."
A very timely and poignant post Morgan!
To read post in entirety, <Click Here>
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