Stated income home loans - Mothering Forums

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#1 of 3 Old 12-01-2005, 04:51 AM - Thread Starter
 
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Anyone here ever do one? Tell me about your experience with it! We are interested in buying a home but I can't tell DH very much about this type of loan and he just assumes it's a bad one. So tell me all about your time with one!

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#2 of 3 Old 12-01-2005, 10:23 AM
 
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HI! We just did one - It really isn't too bad - just a lot more paperwork to pull together - more bank statements/tax returns etc. as long as your credit is decent it will be fine - our only issue was mainly because we had to do an 80/20 loan because we didn't have $ to put down. & our 20 % loan has a higher interest rate. But we are doing home improvements & are planning on getting the house reappraised in 2 years & refinancing so it isn't a huge deal.
But really the stated loan just requires more legwork to get proof that you can pay your bills & sometimes a little higher interest rate but to us it was worth it to buy our house.
Dh's income is verifyable but mine is not & we needed mine to put us where we needed to be.

Kate, BioMama to Emma Lu, Elliana - Almost Mama to Martin, & Foster Mama to Baby T
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#3 of 3 Old 12-02-2005, 03:40 PM
 
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The interest rate is usually higher so be aware of that when loan shopping.

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