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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.
What else can I help you with?
What insurance providers offer stated income loans for homes?
There are very few providers which offer stated income loans for homes. Nationwide is one widely known company which does offer them on second mortgages.
What are Stated Income Home Equity Loans?
Stated Income Home Equity Loans are mortgage loans designed for people who wish to raise finance for a home but cannot supply the usual documentation to support their earnings. Typically these loans place more emphasis on credit scoring the individual and are therefore often suited to self-employed or low-income individuals.
Do 401k loans count as income?
No, 401k loans do not count as income because they are considered loans that need to be repaid rather than income that is earned.
Do loans count as income for taxes?
Loans do not count as income for taxes because they are considered borrowed money that must be repaid, not earned income.
Is a Policy Loan taxable income?
No. Loans are never income
Do banks still offer stated income loans?
Given the near collapse of the financial system stated income loans are not widely available. It is recommended to try and obtain traditional finacing if possible.
What insurance providers offer stated income loans for homes?
There are very few providers which offer stated income loans for homes. Nationwide is one widely known company which does offer them on second mortgages.
Do you offer stated income loans on investment properties?
you can get that help here http://www.sncloans.com/income-property.php
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.
What are Stated Income Home Equity Loans?
Stated Income Home Equity Loans are mortgage loans designed for people who wish to raise finance for a home but cannot supply the usual documentation to support their earnings. Typically these loans place more emphasis on credit scoring the individual and are therefore often suited to self-employed or low-income individuals.
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.
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.
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.
Do 401k loans count as income?
No, 401k loans do not count as income because they are considered loans that need to be repaid rather than income that is earned.
Is there an income requirement to qualify for FAFSA loans?
FAFSA has five types of federal loans available; most have income requirements, but not all. The loans that have income requirements are the Federal Perkins Loan and Subsidized Stafford Loans. The loans that do not have income requirements are PLUS loans (parents, or graduate and professional student), unsubsidized Stafford Loans, and consolidation loans. If a student is a dependent of their parents, the parents income will count towards meeting income requirements. Loans that are not income dependent do require good credit. http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
Do loans count as income for taxes?
Loans do not count as income for taxes because they are considered borrowed money that must be repaid, not earned income.
Can you claim school loans on income tax?
Well, loans if anything would be income (but it isn't). You mean the interest on them...NO. Interest on personal use loans is not deductible.
