Income Mortgage Stated - Get a Loan Without Proof of Income [mortgageloan-processor.blogspot.com]
Low Rate Stated Income Home Loans are available at Finance One. Criteria: 680 FICO, 6 months payments, 65-70% LTV and are mainly available in CA, WA, OR, NY, NJ, TS, GA, etc. Investment properties are ok! Learn more at www.finance1online.com
mortgageloan-processor.blogspot.com Stated Income Home Loans and Mortgage
California based mortgage company Rancho Financial recently began originating loans that do not require applicants to submit pay stubs or tax returns, HousingWire reports. Stated-income loans proliferated during the housing boom, and acquired a stigma ... Those Mortgages Blamed for Housing Crisis? They're Back
There is an income mortgage stated program that is a type of mortgage loan program where it is actually part of the "no-doc" and the "low doc" loans. This means that there isn't normally any documentation required for the loan to be approved. This makes the loan very popular among many people as they do not have to first run around and find documentation to prove their income and other information.
When you go for a conventional mortgage you will pay back less interest, but it might be more difficult for you because you will have to provide the following;
Last three paychecks Return tax forms for the last two years A list of all creditors Two month bank statement Certain legal documentsIn some cases these will not even be all of the documents you need. Some places could be more strict than others when it comes to who they loan money to, but this is the best way because you will not have such a high interest to pay back.
It should be very reasonable.With the income mortgage stated you will not need all of that information just to get the loan. If you have a stable job but you cannot prove that you have a stable income you will choose this type of loan. However, you should at least have a good credit history when you want to apply for a loan like this one. All you would need to do besides have good credit is be able to state your income for the past two years or longer.
Remember that with this loan you will probably pay back a lot as the interest will be higher. So it is great for the time when you need the money, but when reality hits months later that you need X amount to start your repayments, many people find themselves in situations where they cannot cope.
just make sure that you understand the terms under which the loan is taken and that you will be able to pay it back, no matter what the interest rate may be. Related Income Mortgage Stated - Get a Loan Without Proof of Income Topics
