Stated Income and No Doc mortgage loans appear to be going away fast

Many home mortgage lenders including First Horizon and ING have eliminated their no documentation or stated income mortgage loans. This is a reaction to the mortgage meltdown that we are experiencing. If you want a mortgage now you will have to show your tax returns and w-2 statements. I actually think this move will bring stability in the long run to the housing industry. Too many people abused the system which led us into the mess that we are currently experiencing. FHA is probably the best way to go if you want to get a great mortgage without a big down payment.

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