Florida Stated Income Mortgage Lenders: A Guide to Getting a Mortgage

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Are you self-employed or have a fluctuating income? Traditional mortgages may not be the best option for you. In these cases, a stated income mortgage can be a great alternative. Let’s take a closer look at Florida stated income mortgage lenders and how you can get a mortgage.

What is a Stated Income Mortgage?

A stated income mortgage is a type of mortgage where the lender does not require documentation of your income. Instead, you “state” your income on the application and the lender uses that information to determine if you qualify for the mortgage. These types of loans are typically used by self-employed individuals or those who have a fluctuating income.

How Does a Stated Income Mortgage Work?

When you apply for a stated income mortgage, you will need to provide some documentation to the lender. This may include bank statements, tax returns, and other financial information. The lender will use this information to verify the income you have stated on the application.

While the lender may not require as much documentation as a traditional mortgage, they will still want to ensure that you can afford the mortgage payments. They may also require a higher down payment or a higher interest rate to offset the risk of lending to someone with a fluctuating income.

Florida Stated Income Mortgage Lenders

There are several lenders in Florida that offer stated income mortgages. These lenders may have different requirements, interest rates, and fees. Some of the top lenders include:

  • Bank of America
  • Citibank
  • Wells Fargo
  • Chase

It’s important to shop around and compare rates and fees from multiple lenders to find the best deal for your situation.

Requirements for a Stated Income Mortgage

While the requirements for a stated income mortgage may vary by lender, there are some general requirements that you will need to meet. These may include:

  • A good credit score
  • A down payment of at least 20%
  • Proof of employment or self-employment
  • Proof of income (bank statements, tax returns, etc.)
  • A debt-to-income ratio of no more than 43%

It’s important to note that these requirements may vary by lender and your individual situation. It’s best to speak with a lender directly to determine if you qualify for a stated income mortgage.

Advantages of a Stated Income Mortgage

There are several advantages to getting a stated income mortgage:

Disadvantages of a Stated Income Mortgage

There are also some disadvantages to getting a stated income mortgage:

  • Higher interest rates: Since stated income mortgages are considered higher risk, the interest rates may be higher than traditional mortgages.
  • Higher fees: You may be required to pay higher fees, such as origination fees or closing costs, with a stated income mortgage.
  • Less protection: Stated income mortgages may not have as many protections for the borrower, such as the ability to dispute errors on credit reports.

Is a Stated Income Mortgage Right for You?

If you have a fluctuating income or are self-employed, a stated income mortgage may be a good option for you. However, it’s important to consider the advantages and disadvantages before making a decision. Speak with a lender to determine if you qualify for a stated income mortgage and to compare rates and fees.

Conclusion

Florida stated income mortgage lenders can be a great option for those who have a fluctuating income or are self-employed. While there are advantages and disadvantages to getting a stated income mortgage, it’s important to weigh your options and speak with a lender to determine if it’s the right choice for you. Remember to compare rates and fees from multiple lenders to find the best deal.