It has been many years but stated income loans are BACK. A stated income loan is for a self-employed person who does not show all of their income on a tax return.
If you are buying or refinancing a home in Illinois with a jumbo mortgage on it and are self employed this is the perfect mortgage for you. You can get this loan on your primary home or a second home. A lot of self-employed people cannot qualify to buy a large home because they do not show a lot of income on their tax returns. With the new Jumbo Stated income loan, you can buy a home. So if your loan is $417,001 or larger this is for you.
If you have 30% to put down, and your credit score is at 700 or better, you can get a jumbo loan. You also must be self-employed. The underwriter will not verify your taxes. So what you actually earn is what you get credit for. You can only buy a single family home or a town-home, condos are not allowed on this product.
You can either get a 5/1 ARM or a 7/1 ARM. The rates start in the upper 4’s.