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what kind of documentation do i need for a stated income loan ?
A stated income loan approves you for a loan based on the amount on income a person states. The bank does not verify this income. The only documentation that may be required is a Form 4506.
What are the advantages of a stated income home equity loan?
The advantages of a stated income home equity loan are: stated income loan applications require less paperwork and speed the lending process. Using these applications also means no written verifications are needed for income and no tax returns.
What is a state income mortgage loan?
A stated income mortgage loan is a loan where a borriwer is not required to verify there income. These loans were very popular and common before the recent mortgage crisis.
Is a stated income mortgage loan a bad way to get a loan?
A stated income mortgage loan is not a bad way to get a loan. With less paperwork and verification involved, stated income loans can be a bit faster than a traditional mortgage. When you are self-employed, you will often find it difficult to locate a lender that wants to work with you. Lenders look at self-employed individuals as a bigger risk because they do not always have a steady income. With stated income lenders, they will simply take you at your word regardless of what your work situation is.
What companies offer free loans?
There are no companies that offer free loans, but many companies offer interest-free loans. A couple such companies include the Hebrew Free Loan Society and the Jewish Free Loan Association.
What lenders do "stated income" mortgage loans for self employed borrowers?
Stated income loans, often called No Doc loans are harder to come by since the mortgage crisis. You might check with Great Western Mortgage to see if they still offer this type of loan.
How much of a stated income do I need in order to take out a loan?
The amount of your income dependson the loan size you need. Contact your local banks for guidelines.
Which companies offer services to those who need a loan but have bad credit?
There are a number of companies that will offer loan services to those with bad credit. Some companies include Fast Access, Citizens Savings &Loan and CareOne Credit.
What companies offer a consolidated student loan?
Many different companies offer consolidated student loans. Some examples of these companies include Loan Approval Direct, Next Student, and DebtConsolidation.
Where can one get a stated income loan?
Stated income loans were originally offered by Ameriquest. Since so many took advantage of them not checking the individuals actual income by verifiable sources they are nearly obsolete. There is a chance of a small local bank offering this type of loan however.
What companies offer a no money down loan?
Some companies that offer a no money down loan include LGI Homes and Madison Mortgage Guys. You can read more information about these companies on their official websites.
What companies offer home loan insurance?
There are many companies which offer home loan insurance. These include the ICICI Bank, HDFC Life and SBI Life. Another company to offer this insurance is HLIC.
