Stated Income Mortgage Colorado

The Stated income mortgage in Colorado is ideally suited for borrowers who are not able to verify their income through conventional income documentation. To get the Stated income mortgage, you need to provide proof of your monthly source of income on the mortgage application. People with a credit score of around 550 can also get approval for Stated income mortgage.

Finding Stated income mortgage lender in Colorado

Finding Stated income mortgage lender in Colorado is not easy; as only a few lenders deal with the Stated income mortgage. To get the best possible Stated income mortgage deal, make sure that you shop around in the market instead of just accepting the first loan offer. The main advantage of shopping around in the market is that you will get a clear idea of what is available and opt for the company with the lowest interest rate and best package.

Application procedure

The application procedure for the Stated income mortgage is simple. Without the credit check being the deciding factor for loan approval, there is no pressure on you in terms of credit rating. To get an approval for a Stated income mortgage, you just need to fill out the application form and return it to the lending institution. There are some lenders that allow you to submit the application form online. The main benefit of online an application form is that it speeds up the approval process. Some of the documents that you need to submit with the application form are mentioned below.

• Drivers license
• Passport
• Employment details
• Credit report

Features of the Stated income mortgage

Stated income mortgage loans can turn out to be quite advantageous when considering buying a house, refinancing a current mortgage and borrowing equity from a property. You can get Stated income mortgage loans with a standard fixed rate or adjustable rate. If your monthly source of income is high, it is recommended that you opt for the adjustable rate because it will allow you to repay the loan amount quickly. The fixed rate is a good option if you think that interest rates are going to increase in the coming days to lock in your payment.

To get discounts on interest rates try to pay monthly installments on time. When you do this, it shows the lender that you are not a risk to them and therefore they are willing to work with you. By paying your monthly installments on time, you can also improve your credit rating.