Interest Only Second Mortgage Articles

1). Stated Income Second Mortgages: Understanding No Income Verification Loans By : Mary Stras
What is a stated income second mortgage? A stated income second mortgage is one that does not require the borrower to prove income stated on the application. This is most advantageous to self employed and contract workers who receive a 1099 instead of a W-2 as they would have a difficult time proving their income. Stated income mortgage loans are the most commonly used and usually the least expensive of the no documentation types of mortgages.
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