Who here has purchased a house with a "stated" mortgage?
 

Were you happy doing a stated mortgage? Run into any problems or have any advice?

I just pay cash :glugglug

its no different, obviously your credit is worthy of a stated loan. Its no different from a full doc as far as amortization goes and so forth

sweet :)

I've bought 2 houses and gotten 2 houses refinanced with stated income loans...........no problems, the rate is just a 1/4 or so point higher.

<spam>come over here www.insidethebroker.com and I can tell you how to avoid that bullshit.

</end spam>:1orglaugh

I looked into it and the interest rates were higher. Even after deducting everything but the dogs, I had more than enough on my last two tax year returns to get it with the better rate so I went that route instead.

Edited to add: My tax returns were enough because I bought a VERY inexpensive and small house. ;)

it's not for people who can show the necessities obviously. The broker gets hit for an .125-.250 so he tacks it on but theres ways around that easily. But if you can show income why bother.

when we underwrite stated loans the rate is .25 higher, and sometimes you may run into an LTV difference if your mid fico is below like 550

thats about it really.

you guys are doing stated's at below 550? :1orglaugh Subprime at its finest:glugglug