Can somene with good or excellent credit score qualify for stated income loan?

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Yes, that's my question and that's what my morgage broker or consultant said to us. we are two people looking forward to buying home valued from 200k to 240k.

I couldn't verify my income on full doc loan though my other relative can show full doc and her income wasn't enough to qualify for mortgage.

Broker have given sample GFE on stated income at 5% down and interest rate at about 6%..

We both have our credit score from 740 to 775.

We asked if our interest rate would be high cos of stated income and he said there is no adjustment on interest rate.

Now we qualify for stated income cos of our excellent credit score?

Any nagative effect on our life in future cos of stated income home loan, Idon't mean not afford to pay mortgage but any other nagative things for getting stated income?

We haven't gone to bank or other lending companies for prequalification cos we think mortgage consultants is the best way to go and not get many inquiry report. is this right?

Can somene with good or excellent credit score qualify for stated income loan?

Yes - stated loans are still narrowly available in the market. However, stated loans are not for people to lie about their incomes - either to apply for the loan or to hide income from the IRS. Either of these is illegal, unethical, and can lead to problems down the road.

Stated income loans are for people who truely have sources of income (hopefully properly reported to the IRS), but just are not ableto be included in the normal lending guidelines. One example may be that a person earns commissions in a job, but have not established the full history required yet on a full doc loan. Another might be that the borrower gets a family stipend every month - Grandma gives everyone $500 every month as a gift. (Lender doesn't count this). You babysit the neighbors kids after school but have no license, etc...

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Can somene with good or excellent credit score qualify for stated income loan?

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