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Stated Income

Stated income non-QM loans are a type of mortgage loan that is designed for borrowers who may not have access to traditional forms of income documentation, such as pay stubs or tax returns. These loans are based on the borrower's stated income, rather than verified income documentation, which can make them a more flexible and accessible financing option for certain borrowers. We'll take a closer look at stated income non-QM loans and how they can benefit borrowers.

One of the key advantages of stated income non-QM loans is that they allow borrowers to use their stated income, rather than traditional income documentation, as proof of income. This can make it possible for borrowers who may not have access to pay stubs or tax returns, such as self-employed individuals or gig economy workers, to qualify for a mortgage loan.

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The main benefit of stated income non-QM loans is the ability for borrowers to qualify for a loan without having to provide detailed income information. This can be especially helpful for self-employed borrowers who may not have the same income stability as those with a regular salary or wages. It can also be helpful for those who have recently changed jobs or experienced an income interruption or decrease.

The downside to these loans is that they can be more expensive than traditional mortgages. Since lenders are taking on more risk by not verifying income, they must charge higher interest rates to make up for that. This can mean a higher monthly payment for the borrower and a longer loan term.

For borrowers who are considering a stated income non-QM loan, it’s important to understand the risks and benefits

Stated Income



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