Mortgage loan questions, USA?
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there are many from overseas who answer questions so that's why I put USA on my question so people in the State can answer my questions.
Ok, My question is,
on behalf of two close people of mine,
Let's say my credit score is 722 and my sister's credit score is 750. We both have good to excellent credit. She proves her income with documentations and mine is STATED INCOME that's without showing any source of income or tax documentations.
Will they both qualify for 30 fixed loan at today's current best loan of interest rate below 6%?
Will the lender go stated or doc loan on this? by the way, both are first time buyer.
a mortgage consultant has told they will be qualified for loan and the loan amount will be accoridng to the income.
ani info will be apreciated.
Mortgage loan questions, USA?youyr scores are fine your sister that os going what is refered as full doc by proving her income would most likely geta better rate than you doing a stated income loan . first off stated income 100% financing is a thing of the past! you must also understand there are two types of stated deal "Stated income .Stated assets" & "Stated Income Verified assets". they are refered in the industry as stated stated and stated verified. you dodnt see stated stated anymore there is stated verified but the rates are higher and with stted verified typically you will have to put more money down than someone that is going full doc!
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