Stated Income Drawbacks
I'm planning on purchasing my next property as " stated income" . (employment, assets and fico scores are great.) Other than seasoning req's which are up to the individual lender, do you see any drawbacks or difficulties in pulling equity out at a later date. thankyou
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The loan in itself being stated income means nothing different in terms of pulling equity out at a later date. Watch out for higher interest rates and prepayment penalties.
yes you can pull out eq......km
Be careful of the prepayment penalties. You must trust your mortgage broker.
Good luck,
Eric & Rosa
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If everything is great, why don't you go Full doc?
If you are or may have seasoning issues, you would be better off going full doc. A person with a strong portfolio has less problems with these issues
Lori
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