Can somene with good or excellent credit score qualify for stated income loan?

Yes, that’s my question and that’s what my morgage broker or consultant said to us. we are two people looking forward to buying home valued from 200k to 240k.

I couldn’t verify my income on full doc loan though my other relative can show full doc and her income wasn’t enough to qualify for mortgage.

Broker have given sample GFE on stated income at 5% down and interest rate at about 6%..

We both have our credit score from 740 to 775.

We asked if our interest rate would be high cos of stated income and he said there is no adjustment on interest rate.

Now we qualify for stated income cos of our excellent credit score?

Any nagative effect on our life in future cos of stated income home loan, Idon’t mean not afford to pay mortgage but any other nagative things for getting stated income?

We haven’t gone to bank or other lending companies for prequalification cos we think mortgage consultants is the best way to go and not get many inquiry report. is this right?
Also, with stated income loan, we can’t get any governmental discount or grant program right?

MY lender emailed me few days ago that saying interest rate has dropped below 6% and asked us it’s good time to lock in.

But we havnn’t decided on a home yet.
If we move out of apartment in end of May 08, when is best time to lock in rate and get everything done with closings and make it the end of home buying?

Any things we should know when filing our income tax? Should wait till we get done with home purchase?

Thanks

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