What are stated income mortgages?

Answer For people who are self-employed, problems can arise when applying for a mortgage loan, because many people with their own businesses do not show all of their income on their tax returns. Stated-in... Read More »

Top Q&A For: What are stated income mortgages

What is the debt-to-income ratio for mortgages?

The debt-to-income ratio for mortgages is a method that lenders use to determine how much mortgage a consumer can afford. The standard ratio lenders use is 28/36. The first number represents the fr... Read More »

Are no income mortgages available?

No-doc loans -- short for no income documentation -- are available in 2010. They have made a resurgence after almost disappearing during the housing bubble of 2008. In February 2010, no-doc loans m... Read More »

Do you have to pay income taxes on defaulted mortgages?

Normally, the Internal Revenue Service considers forgiven mortgages as taxable income, according to the IRS. However, Congress passed a moratorium on forgiven mortgages between 2007 and 2012 with t... Read More »

What is a stated interest rate?

Stated interest rate is the simple interest rate given on a loan, credit card or financing agreement. It does not take into consideration compounding of interest during the year. When compounding o... Read More »