Updated January 2018
Stated Income Lenders in 2018
There is no such thing as a “normal” stated income lender who has “normal” stated income guidelines. When it comes to finding the right stated income leader, there are multiple options to choose from. These options range from small, independent mortgage brokers to the largest banks in the world. The key idea to have when shopping for a lender who will help you with a stated income loan is that the lender has a good track record for funding loans that are stated income loans specifically. It is also important to make sure that you have a knowledgable loan officer to work with.
Stated Income Lenders: Who Is The Biggest?
In the market today, there are many big banks that no longer have mass stated income loans. Instead, they will have different names for their stated income loans and they only make them available to a select amount of people. For example: “doctor loans” are available to doctors because he or she can simply tell the bank how much they make automatically to get a loan. It is also likely that the majority of the biggest lenders will develop at least a small offering of stated income/non-QM types of mortgages. Then they can just keep the loans on their books until there are more lenders doing more types of non-qualified mortgages.
So, Is Bigger Better Then?
No. When it comes to stated income lenders, bigger is not necessarily better. The main thing you should care about is that you get your loan done. When it comes to size, stated income lenders are typically going to be smaller lenders anyways.
Stated Income Lenders: Shop Around
The key to getting a successful stated income loan is to shop around for stated income lenders. The number of stated income lenders will always be growing, making it easier and easier to get a stated loan– so, shop around for the best deal. If you don’t shop around when it comes to getting a stated income loan, you greatly increase your chances of leaving thousands of dollars on the table.
Shopping around for qualified stated income lenders is easy. All you need to do is fill out your information and answer a few questions. Once this is done, we will match you with a lender that is right for you. Click the button below to get started!