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What companies offer a stated income loan?
Several companies offer a stated income loan, such as Los Angeles Refinance & San Diego. To get more information on this type of loan, one should speak to the bank or financial adviser.
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.
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.
Exactly what is a Stated Income mortgage loan and is it riskier than other types?
Stated income basically means that you are not providing proof of your income but you are stating it. The risk is that the borrower may not have stable income and the lender may charge higher interest rates.
If you have good credit but not high income and you are interested in purchasing for investment purposes what are your chances of being approved for a loan?
Pretty good if your credit score is high enough. You possibly could qualify for a "Stated Income" loan. On investment property for a stated income loan you normally would have to have a 10% down payment. You can get into a mortgage loan with a lesser down payment going this route, but, you'll definitely be paying for it in your interest rate.
Where can one obtain a low-doc stated income or no-doc home equity line or loan?
The bank is a good place to start. Whereas, they have documentation and reports of present income. Individual reports can control and filter the information provided. They also can issue a home equity line or loan of credit.
Why would a creditor call your job and ask for employment verification?
Generally the VOE, or verification of employment, is to validate that one has a job and, in some cases, the income that was stated on a loan application. Most VOEs are just to be sure that one is employed where one says that they are employed on loan applications.
Can a person still do a Stated Income Mortgage Loan?
Yes. They are complicated. Read more here http://www.novinite.com/finart/studentloans/stated_income_mortgage_loan.html
What are stated income loans?
Among the information collected at the time one applies for a mortgage, one must disclose his annual earnings (usually for two years). The dollar amount is stated on the application and is proven by documents required by the lender. W2's, 1099's and pay stubs name a few and the forms requested varies by lender and situation. This is called Full Income Verification. At times, one is not able to supply the documents needed to prove the income stated on the application. In a case as such, income cannot be verified. Other measures, like checking with the employer, are taken to ensure that the borrower earns sufficient income to support the mortgage payments. Assuming the information is correct, the lender will then qualify the borrower. This is called a Stated Income Loan. Understandably, when going stated, one cannot expect the interest rate to be the same as if one would be going full. The lender needs to make up for the risk of default by charging a higher interest rate; Income has only been stated, not verified.
