Those who have difficulties in getting home loan approval can use stated income mortgage. What is it? It’s a new loan program that lender doesn’t ask to confirm the borrower’s salary by observing at their income tax returns, W-2, or other documents. Instead, debtors will use a statement about their income. This loan is also known as stated loans. It’s a loan that can easily be approve. Due to difficulties in getting regular loans, people look for easier ways to get the loans they need. Recently, no-docs loans become an alternative choice for people with bad credit or even self-employed workers. Borrowers can get these loans from QKMortgage.com
How Does It Work?
Self-employed workers can take advantage from no income verification mortgage. Only some companies provide this type of loan for public. How does it work? The lenders will qualify the borrower using bank statements to make a cash-flow examination. Lenders will determine how good the cash flow of borrowers. Usually, borrower have to provide another statement to suit to the bank statements. Some companies require a minimum credit score. The interest rate will be higher than regular loans as these stated income loans are simpler to apply. Most of the borrower who are self-employed workers as they can’t provide requirements needed to apply for regular loans.
More Information about Stated Income Loans
Small local banks often become stated income mortgage lenders, but they have different requirements and policies to each other. The availability of these loans also distinct state to state. These loans are suitable for borrowers who have problems authenticating their income. Nowadays, these loans have been provided to borrower with different credit scores and histories. Even subprime borrower can apply for stated income loans. Yet, these loans are vulnerable from scam as they lack authentication. The loans have the function to fill a hole of conditions which regular loans won’t approve.
A no income verification mortgage is the ideal solution for those who can’t prove their income. When people are looking to get loan for buying a house, it’s a wise choice to get this type of loan. There’s no need to check for tax return or any other documents. Having problems documenting income shouldn’t be a reason to get rejected by the lenders. Borrowers only need to make statements of income offered by the creditors. Remember, not all stated income loans are similar. There are different formats of application with distinct requirements. Also, these loans cost more as they are simpler to get than regular loans.
Some stated income mortgage lenders often include transactions where borrower should pay some fees. In fact, these loans are more risky to all regular loans. Some lenders will check for borrower tax records as they don’t want to take the risk of fraud. Overall, these loans will save much time as borrowers won’t spend much effort to get the money. Where can they apply? Online lenders are available as reliable lenders. QKMortgage.com is a trusted lender that offer stated income loan. They make the loan approval process very easy and fast. Anyone who want to apply for stated income mortgage can visit qkmortgage.com