For years the best way for a self employed, sales, or even retired people to get get a mortgage was to apply for a stated mortgage.  Basically, these types of loan do not require any proof of income and no supporting documentation.  The basic qualification requirement was very good credit scores (like 680 and above) and a large down payment or significant equity for mortgage refinancing (70%-80% LTV).  Unfortunately, these types of mortgages have fallen victim to the current market environment and will be going the way of the buggy whip. 

It is easy to blame these types of loans for some of the mortgage problems in real estate today, but when they were properly used they are very beneficial to helping people qualify for a mortgage who do not qualify under traditional means.  Anyone who can put down a lot of cash, but maybe they are in sales with unpredictable monthly income would greatly benefit from this type of loan.  With a great credit score and a large down payment or significant equity, it would be highly unlikely that they would foreclose and lose everything.

These loans are very hard to come by these days and I found out that Bank of America Mortgage was ending there stated mortgage program on January 17, 2009 and any applications taken must be fully funded by February 27, 2009. Mortgage rates are very favorable for these types of loans on primary residences, so if you are still interested in getting one of these loans before they disappear, please contact Ken Dolan at Bank Of America Mortgage at 757-376-8491.

Ken has been my primary loan officer for my clients since about 1995. Please let him know I referred you and he will take good care of you.