Thoughts on Stated Mortgages

[Eric Brust]

I’m 23 years old and I work off the books with no verifiable income. I’m lucky enough to have 600k in the bank and I’m looking to buy a home to live in while renting a basement or garage. I was told by someone to check out a stated mortgage. I have good credit and just wanted to get some thoughts and additional information

Thanks!

[Eric Figueroa]

@Eric Brust Hello Eric, there are loan products to accomplish what you are looking to do. The most common way to show income with a stated loan product is provide your Mortgage broker with 12 months of bank statements and they will average out the monthly income. Once your monthly income is established then broker can determine what your debt to income will be which is critical when qualifying you to purchase a home. Another way to show income is the have your CPA prepare a profit and loss for the last two years and that income will be used to qualify you. These type of loans are called non-qm loans they are becoming more and more popular nowadays especially when looking to buy an investment home. I have a lot of info to offer don't hesitate to ask more.