It really depends on your whether your self employed, your stated income, the amount requested, your previous high credit for other auto loans and your current overall debt versus limits.
This loan leaves enough room for people who do not have a conventional income to qualify, however, there are regulations set in place to insure the lenders that you have an income that can support loan payments. What are the qualifications? Stated income loans usually require a good credit score and a 30% down payment.
We offer stated income refinance loans for paying off high rate loans and credit card debt. 1-Refinance.com offers a large variety of reduced documentation loans with competitive terms and simple processing. These home loans are always popular with self-employed borrowers, who would prefer a streamlined process.
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What is a stated income loan? In the past, stated income mortgages were home loans where lenders did not verify or document income at all, and were called stated income loans because lenders used the income stated on a loan application to issue a loan. Stated income loans started to rise in popularity in the early 2000s.
A stated income loan is a mortgage where the lender does not verify the borrower’s income by looking at their pay stubs, W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word. These loans are sometimes called liar loans or liar’s loans.
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Our no doc loan is a loan based off stated income. Stated income means your true income. The total income you made for the year. Checks, cash, credit cards and any other income that you made.
Stated Income Loans. Rates start at 6%, 30 year amortizations, up to 7 year fixed terms, loans sizes considered from $250K to $5M, unrestricted cash-out, closings in as little as 2 weeks and light documentation (no tax returns or financials required). Lending Territory: NATIONWIDE.
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