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When and How to Get a Stated Income Second Mortgage

It is rare to secure a stated income second mortgage, but it is possible if you have a high level of equity in your first home. Stated income loans, which do not require proof of income, went out of fashion after the credit crisis of 2007 to 2008. Today, most lenders require actual proof of income. However, lenders may be willing to waive this requirement depending on your circumstances. Keep in mind that stated income loans are highly risky, so they should be pursued only within reason. How to Get a Stated Income Second Mortgage Start by approaching your... »

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