Are you self-employed and looking for a mortgage in Florida? If so, you may have heard of stated income mortgages. These types of mortgages allow you to qualify for a loan based on your stated income rather than your actual income. However, finding the right Florida stated income mortgage lender can be a challenge. In this article, we’ll discuss what you need to know to find the right lender for your needs.
What is a Stated Income Mortgage?
A stated income mortgage is a type of mortgage that allows borrowers to qualify for a loan based on their stated income rather than their actual income. This is particularly helpful for self-employed borrowers who may have difficulty documenting their income. Instead of providing tax returns and other financial documents, borrowers simply state their income on the application.
Stated income mortgages were popular in the early 2000s, but they fell out of favor after the housing crisis. Today, they are available from a limited number of lenders, including some Florida lenders.
How to Find a Florida Stated Income Mortgage Lender
If you’re interested in a stated income mortgage in Florida, the first step is to find a lender who offers this type of loan. Here are some tips to help you find the right lender:
- Check with your current bank or credit union to see if they offer stated income mortgages.
- Search online for Florida lenders who offer stated income mortgages. Be sure to read reviews and check the lender’s reputation before applying.
- Ask for referrals from friends, family, or colleagues who have used a stated income mortgage lender in Florida.
- Contact a mortgage broker who specializes in stated income mortgages. They can help you find lenders who offer these types of loans.
What to Look for in a Florida Stated Income Mortgage Lender
Once you’ve found a few potential lenders, it’s important to do your due diligence to ensure you choose the right one for your needs. Here are some factors to consider:
- Interest rates and fees: Make sure you compare interest rates and fees from several lenders to ensure you’re getting a competitive offer.
- Loan terms: Look at the loan terms, including the length of the loan and the repayment schedule, to ensure they meet your needs.
- Lender reputation: Check the lender’s reputation by reading reviews, checking their Better Business Bureau rating, and asking for referrals.
- Customer service: Make sure the lender offers good customer service and is responsive to your questions and concerns.
Conclusion
Finding the right Florida stated income mortgage lender can be a challenge, but it’s worth the effort if you’re self-employed and need a mortgage. By following the tips in this article, you can find a lender who offers competitive rates and terms and has a good reputation for customer service. With the right lender, you can get the mortgage you need to buy your dream home in Florida.