Can I Buy A Home With Limited Income Documentation

Can I buy a home with limited income documentation? This is a common question that many consumers ask, especially self-employed, commissioned borrowers or people who obtain their money from tips, odd jobs, etc... There are still many programs available for consumers to use to buy a home who have limited income documentation.

A stated income mortgage loan is a great program to buy a home with limited documentation. A stated income allows you to "state" your income on the loan application, your employment will be verified by the lender. A stated income loan is meant to relieve the normal loan documentation requirements and not meant to be abused to buy more home then you can afford.

Limited income documentation is particularly useful for self employed borrowers, however before taking the significantly higher expense of many stated income loan programs, consider a program which allows you to provide business tax returns as income documentation for better rates and terms.

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