Stated Income Stated Asset loans are the ones that are now considered the “head winds” of the Mortgage Meltdown.

But are they “BAD” loans?  No… if you are in a business that has a ton of “paper” writeoffs, if you work multiple jobs, if you are commissioned and those are moving quickly to the higher side - then these might be great programs for you!

Many ethnic groups do not use banks.   Because of these customs - we can not always document the money they are using for downpayment and closing costs.  They have the “cash” it’s just not in Wachovia - should they be denied the opportunity to own a home?

Of course not!  This is why we have Stated Products.  However - it needs to be remembered that such products are more risky for the Investor holding the mortgage (like Fannie) - because of this we now require at least a 25% down payment in the transaction.  If you are an Investor - you will need a 30% investment and a 740 credit score!