State Income Mortgages and No Doc Mortgages For Your Situation [mortgageloan-processor.blogspot.com]
In today's housing market, rules, regulations and even types of home loans offered are constantly changing. In order to help understand the different types of loans offered today, Brian Reynolds, of Samuel Scott Financial Group, shares his knowledge and expertise on stated income loans and how they are no longer just something from our past, but now a part of the future. In the past, before our economy hit the bottom and during the housing boom, people could simply state that they made more money than they actually did, leaving them with a house payment that they couldn't afford when the market eventually turned. As a result, these loans were considered dangerous and quickly became a thing of the past. But today, we are seeing these loans beginning to resurface, which is a positive sign that our economy is beginning to stabilize. One of the major differences between a full doc loan and a stated income loan is the paper work being submitted. For a full doc loan, the potential homebuyer must submit all income paperwork, such as W-2's, bank statements, and tax returns. A stated income loan allows you to omit some of this income paperwork. This kind of loan is especially good for those who are self-employed and do not have tax returns showing enough income on paper. Self-employed professionals such as doctors, realtors, and lawyers often utilize this type of loan program, as well as those borrowers who receive a salary plus cash that is not documented. Restaurant servers ...
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Is the mortgage market ever going to go back to normal? The stated income and the no doc mortgage will be the top options in the next couple of years for new home loans and refinances. These types of loans have changed their requirements over the last few months and getting a stated income or no doc mortgage has become even easier than it used to be. The credit score requirement has become a bit lower and the other requirements have also become a bit easier.
A few years ago you would have only been able to get about 70% loan to value on a stated income program, and would have needed a 620 credit score to qualify for such a loan. This has changed quite a bit over the last few months and mortgage companies are getting a bit desperate for business so they are willing to loan more money to those that have trouble proving their income like tipped employees, self employed individuals, and independent contractors.
When the no doc mortgage came into play about 20 years ago they were designed specifically for the self employed borrower that has a lot of trouble proving the income they need to qualify for a conventional mortgage.
We have just entered into 2008 and the foreclosure rate continues to grow. If you have good credit and have income that is hard to prove, then it is time for you to ask your mortgage professional about a stated income program or a no doc mortgage. This will give you the leverage you need in order to get the loan you need and stay away from foreclosure. Suggest State Income Mortgages and No Doc Mortgages For Your Situation Issues
