{"id":4981,"date":"2021-06-10T21:04:35","date_gmt":"2021-06-11T01:04:35","guid":{"rendered":"https:\/\/dreamhomefinancing.com\/?page_id=4981"},"modified":"2021-06-10T21:04:35","modified_gmt":"2021-06-11T01:04:35","slug":"maine-stated-income-loans","status":"publish","type":"page","link":"https:\/\/dreamhomefinancing.com\/maine-stated-income-loans.aspx","title":{"rendered":"Maine Stated Income Loans"},"content":{"rendered":"<section class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<\/p>\n<h2 style=\"text-align: center;\">Maine Stated Income Loans<\/h2>\n<p>In Maine, stated income loans are available again. This is great news for all of the self employed individuals in Maine who have struggled in the past to qualify for a mortgage.<\/p>\n<p>We have been specializing in stated income loans for a very long time. We are connected to the best Maine stated income lenders and we are continuously staying on top of the changes in the industry and guidelines for you.<\/p>\n<p>We will guide you below, answer some questions, and then connect you with the best stated income lenders in Maine who can discuss your personal scenario with you. The program is available whether you live in Portland, Lewiston, Bangor, or anywhere else.<\/p>\n<p style=\"text-align: center;\"><u><\/u><span style=\"color: #0000ff;\"><strong><u><a style=\"color: #0000ff;\" href=\"https:\/\/dreamhomefinancing.com\/\/LeadForm\"><span style=\"font-size: 14pt;\">Click to Speak With a Maine Stated Income Lender Now<\/span><\/a><\/u><\/strong><\/span><\/p>\n<p><span style=\"color: #000000;\">What used to be called a stated income loan where you &#8220;state&#8221; what you earn and provide no proof is now called a &#8220;bank statement loan&#8221;. With this loan program, lenders will ask you provide copies of your bank statements to simply prove that you have money coming in and can afford your future mortgage payments.<\/span><\/p>\n<h2><span style=\"color: #000000;\"><strong>How to Qualify for a Maine Stated Income (Bank Statement) Loan<\/strong><\/span><\/h2>\n<ul>\n<li><span style=\"color: #000000;\">You must be self employed or a 1099 borrower for a minimum of 2 years.<\/span><\/li>\n<li><span style=\"color: #000000;\">You must provide copies of your personal and\/or business bank statements for 12-24 months depending upon the lender.<\/span><\/li>\n<li><span style=\"color: #000000;\">You must meet the minimum credit score requirement. Typically 680 but also available with scores as low as 600.<\/span><\/li>\n<li><span style=\"color: #000000;\">You must meet the minimum down payment requirement (see below).<\/span><\/li>\n<\/ul>\n<div><span style=\"color: #000000;\"><strong>Bank Statements<\/strong><\/span><\/div>\n<p><span style=\"color: #000000;\">Each Maine stated income lender&#8217;s requirement may be different depending upon your personal scenario. What you can count on is having to provide 12-24 months&#8217; of statements. You will need to provide your business and\/or personal statements to show a flow of money coming in. The lender will use a percentage of your deposits to qualify for the loan without tax returns.<\/span><\/p>\n<div><span style=\"color: #000000;\"><strong>Credit Score Requirement<\/strong><\/span><\/div>\n<p><span style=\"color: #000000;\">Most Maine stated income lenders will look for a 680 credit score but some may allow scores as low as 500. The credit score requirement will vary (more or less) based upon other factors such as your down payment amount, cash reserves and whether you have a bankruptcy or foreclosure in your history.<\/span> <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/dreamhomefinancing.com\/\/HowToImproveYourCreditScore.aspx\">Click to learn how to improve your credit score yourself<\/a>.<\/span><\/p>\n<div><\/div>\n<div><span style=\"color: #000000;\"><strong>Down Payment Requirement<\/strong><\/span><\/div>\n<p><span style=\"color: #000000;\">This will absolutely vary based upon the state, lender and credit score. The absolute minimum down payment will be 10% and sometimes 20%, but it is possible that it can be as much as 25% down. <\/span><\/p>\n<p><span style=\"color: #000000;\">Remember that the lenders are taking a risk by using bank statement deposits rather than your net income on your tax returns. So, their way to cover their risk is to make sure there is enough equity in the home in the event of a foreclosure.<\/span><\/p>\n<div><\/div>\n<div><span style=\"color: #000000;\"><strong>Property Types Allowed<\/strong><\/span><\/div>\n<ul>\n<li><span style=\"color: #000000;\">Single Family Residences<\/span><\/li>\n<li><span style=\"color: #000000;\">1-4 family buildings<\/span><\/li>\n<li><span style=\"color: #000000;\">Condos<\/span><\/li>\n<li><span style=\"color: #000000;\">Townhouses<\/span><\/li>\n<li><span style=\"color: #000000;\">Manufactures Homes<\/span><\/li>\n<li><span style=\"color: #000000;\">Commercial\/Investment\u00a0 &#8211; loan requirements will likely be different.<\/span><\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: center;\">\u00a0<u><strong><a href=\"https:\/\/dreamhomefinancing.com\/\/LeadForm\"><span style=\"font-size: 14pt;\"><span style=\"color: #0000ff;\">Click For a Maine Stated Income Rate Quote<\/span><\/span><\/a><\/strong><\/u><\/p>\n<p><u><strong>Stated Income Frequently Asked Questions &#8211; FAQ<\/strong><\/u><\/p>\n<p><strong>Q: Who are stated income loans for?\u00a0<\/strong><\/p>\n<p>A: They are strictly for the self employed or individuals who are 1099 earners.<\/p>\n<p><strong>Q: What is the benefit of a stated income loan?\u00a0<\/strong><\/p>\n<p>A: The immediate benefit is not having to qualify based upon the net income on your tax returns. Something most self employed borrowers struggle with.<\/p>\n<p><strong>Q: Is the Interest Rate The Same or Higher Than a Conventional Loan?\u00a0<\/strong><\/p>\n<p>A: Stated income loan rates are typically higher since the lender is taking on increased risk. How much higher will depend upon your personal scenario.<\/p>\n<p><strong>Q: Can I use deposits from my personal account to qualify?<\/strong><\/p>\n<p>A: Yes, most lenders will allow deposits into personal accounts.<\/p>\n<p><strong>Q: I heard profit and loss statements are required. Is this true?<\/strong><\/p>\n<p>A: In some instances yes. Certain states and\/or lenders may require that. Just be prepared to provide the required documents if the lenders ask.<\/p>\n<p><strong>We are able to help you to find a stated income loan with the best stated income lenders in the following states:<\/strong> Alabama, Maine, Arizona, Arkansas, California, Colorado, Connecticut, Maine, Florida, Georgia, Maine, Maine, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Maine, Washington, West Maine, Wisconsin, Wyoming.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space height=&#8221;20px&#8221;][vc_column_text]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text] Maine Stated Income Loans In Maine, stated income loans are available again. This is great news for all of the self employed individuals in Maine who have struggled in the past to qualify for a mortgage. We have been specializing in stated income loans for a very long time. We are connected to the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[123],"tags":[132],"acf":[],"_links":{"self":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/pages\/4981"}],"collection":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/comments?post=4981"}],"version-history":[{"count":1,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/pages\/4981\/revisions"}],"predecessor-version":[{"id":4982,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/pages\/4981\/revisions\/4982"}],"wp:attachment":[{"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/media?parent=4981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/categories?post=4981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dreamhomefinancing.com\/wp-json\/wp\/v2\/tags?post=4981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}