Although few and far between these days, a stated income program is one that allows a borrower to secure financing without having to provide extensive financial documentation such as pay stubs, bank statements and tax returns. This type of limited documentation is often referred to as "low doc" or "no doc" loans. Borrowers who are eligible for these types of stated income mortgage programs are typically borrowers with irregular incomes due to commission-based employment or borrowers who are self-employed.

The reduced documentation requirements generally make for faster approvals. In return for the faster approval with less documentation, borrowers can typically expect to pay more in the long run for this type of mortgage (in the form of higher interest rates or a larger principal). However, you'll find that Total Mortgage offers competitive rates and fees.

Call a Total Mortgage expert now at 877-868-2503 to discuss the stated income programs, as well as other mortgage programs.