October 2 - 4 Early Bird tickets are now ON SALE. Purchase your tickets today and save $100!

Get tickets

October 2 - 4 Early Bird tickets are now ON SALE. Purchase your tickets today and save $100!

Get tickets
Skip to content
Two investors reviewing resources on a laptop

Get industry-leading resources — for free

Unlock resources for every investing strategy and stage with a free account.

By continuing, you agree to BiggerPockets LLC's Terms of Use and Privacy Policy

BlogsMortgage Basics and Mortgage SecretsStated Income Loans in New York (NY)

Posted over 16 years ago

Stated Income Loans in New York (NY)

Good News for self employed borrowers in New York (NY). Stated Income mortgage loans are available in New York (NY). In fact, the rates are great and you can get a stated income mortgage loan at a rate in the mid 5% range. Typically, you would need a 30% down payment. Speak to a loan officer to see what is available to you and whether you qualify. for a stated income mortgage loan.

Comments (1)

  1. Just a quick update and revision to the above. As of Aug 2011, stated income loans (now called "reduced doc") are available for NY self employed people. Rates are under 5% with varying lengths of fixed & adjustable rates - the shorter the fixed rate period, the lower the rate - but ALL are under 5% as of this date (8/2011). But the down payment has been raised to 35%. Only one person to the transaction needs to be self employed - a spouse's employment income can also be used (with documentation). If you would like one of these loans, contact me at 347 - RON - BORG.

    Ron Borg, almost 15 years ago