Stated Income mortgages have been virtually eliminated. In Minnesoa, between Dodd Frank and MN DOC, ther is little or no room for this kind of loan at any level of downpayment. There may be a few rag tag, non conforming Brokers out there that will underwrite such a loan, but I hate to think what the interest rate would be. Being self employed for nearly 30 years, I know what you may be thinking about conforming loans and how hard the rules are on us, but as long as there is at least a credit score of 680, I have several reputable, conforming lenders to refer you to.
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
If you don't have 30% down payment most self employed people I work with end up doing my contract for deed program. It allows you to buy any property off the MLS; not just what is advertised as only seller financing. That is only 10% down.
From there we work with a lender to just make sure you can refinance into the loan eventually. For stated income loans the benefit is you have a 30 year loan. For CD's there is a balloon payment after 5 years where you have to refinance.
If you would like to talk further feel free to contact me. You do have options though.
While write-offs for the self employed person is wonderful for tax purposes, it can be a deal breaker when qualifying for a mortgage. If you'd like us to take a look at your tax returns and analyze your income, any of us at iLoan would be happy to do that.
The MN Mortgage Mom