Stated income mortgage & fixed interest rate mortgage options
If you are looking at a fixed interest rate mortgage but you are self-employed or do not want to reveal the source of your income, one of the options you have available to you is a stated income mortgage. Generally, you have to have a fair credit score to get approved for a stated income mortgage as well as the ability to verify that you do receive the income you claim to. Additionally, you should also know that generally unless you make a large down payment of at least 15%, you will pay about 2% more in interest than in a conventional loan.