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.

 

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