Do you work for yourself, own your own business, or are you a tipped employee? Do you need to refinance or get a mortgage, but you are not sure how you will with the lack of proof for your income? Getting a mortgage can be difficult with no real proof of what you make.
There is a solution and it is called no documentation loans. This could be the answer to all your issues. Here are the situations to use a no doc loan in.
If you are self employed, then you should know that this program began with you. You will probably be asked to use what is called a stated income mortgage program. This will allow you not to have to prove your income since that can be difficult for the self employed.
You should have no problems getting the mortgage you need with a stated income program. You will not have to prove any income and you will be able to write down a number of what you really make. These programs started specifically for the self employed so don't be afraid to take advantage of them.
Another type of worker that could use a no documentation loan is the independent contractor. This person gets paid cash mostly and it can be very hard to prove income in this situation. This is another time where the stated income program works wonders.
Plus you will not have to worry about proving where you work or your income. This is one of the best parts about these programs is you do not have to prove much. This can help you get into the home you want or refinance your current mortgage.
Last, if you are a server, bartender, or any other tipped employee, then you will have a lot of trouble proving your income. This is because you probably do not claim all your tips. This will be the obstacle in your way to the mortgage you need.
The stated income program for mortgages can help out this type of worker as well. They will not have to prove anything. No employment verification or income verification. They just have to write down a number and sign it stating that they make that much each month.
When you use a program like the no documentation loans or the stated income mortgage you are not doing anything that will hurt you. It will have a bit higher interest rate because it is a little more risky for lenders, but that is about it. You should not be afraid to go this route if you fit the above situations. - 14915
There is a solution and it is called no documentation loans. This could be the answer to all your issues. Here are the situations to use a no doc loan in.
If you are self employed, then you should know that this program began with you. You will probably be asked to use what is called a stated income mortgage program. This will allow you not to have to prove your income since that can be difficult for the self employed.
You should have no problems getting the mortgage you need with a stated income program. You will not have to prove any income and you will be able to write down a number of what you really make. These programs started specifically for the self employed so don't be afraid to take advantage of them.
Another type of worker that could use a no documentation loan is the independent contractor. This person gets paid cash mostly and it can be very hard to prove income in this situation. This is another time where the stated income program works wonders.
Plus you will not have to worry about proving where you work or your income. This is one of the best parts about these programs is you do not have to prove much. This can help you get into the home you want or refinance your current mortgage.
Last, if you are a server, bartender, or any other tipped employee, then you will have a lot of trouble proving your income. This is because you probably do not claim all your tips. This will be the obstacle in your way to the mortgage you need.
The stated income program for mortgages can help out this type of worker as well. They will not have to prove anything. No employment verification or income verification. They just have to write down a number and sign it stating that they make that much each month.
When you use a program like the no documentation loans or the stated income mortgage you are not doing anything that will hurt you. It will have a bit higher interest rate because it is a little more risky for lenders, but that is about it. You should not be afraid to go this route if you fit the above situations. - 14915
About the Author:
If you need to do a Stated Income Mortgage, then you can get started by Clicking Here!
No comments:
Post a Comment