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Are you considering getting a stated income mortgage? Do you know what you are getting into or do you need to ask more questions to find out the wrong answers from your mortgage broker? Just like lawyers mortgage brokers have gotten a reputation for being liars. This is because there are huge commissions involved in doing mortgages, but that should not matter. Here are some tips if you are considering stated income mortgages. First, this is not a mortgage for just anybody. If you have a steady job that pays you by check each and every pay period, then this is not your program. Sometimes they will try to put you into this program because your debt to income ratio is not low enough and with the stated income program they can make your income higher to make your debt to income ratio lower. This is very bad for you because it basically means you cannot afford the mortgage you are trying to get. Second, if you are self employed and do not claim all of your income, then you are a prime candidate for the stated income mortgage program. You are the reason this program was put together and it works wonders for you. In fact you will probably struggle to get a mortgage without using this type of program to help you out. Last, if you are a tipped employee like servers, bartenders, hair stylists, or anybody else that makes over 25% of their income from tips or cash, then you need the state income mortgages as well. These are perfect for you because we all know that tipped employees do not claim all of their income and most of them do not even claim half of their income. This makes it very hard to get approved for a mortgage on any program other than a stated income program. Discover the companies that do Stated Income Mortgages. Go here for more info: Stated Income Mortgages
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