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Stated income and low down payments - July 14, 2009

We had two listener's questions this past week. The first question was "Are there any loans that allow only 5% down?" Mortgages Made Simple logo

FHA loans allow only 3.5% down, so that is the best option for a low down payment loan.

The second question was "If I am putting 25% down, can I do a stated income loan?" Stated income loans, where you don't need to verify your income essentially disappeared in the last 2 years. There are some private investors that offer stated income loans, but the interest rates are extremely high. The best option might be an FHA loan with a co-borrower.




If you have any questions you would like us to answer on our show, please call our listener line at 714-519-7833 or email mortgagepodcast@gmail.com.

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