Stated Income Mortgage Loans

Stated lncome mortgage loans are a very specific type of loan program. It is very different than a typical home loan. The way it works is just like it sounds; it’s a loan program that doesn’t require you to state any income and requires much less documentation. Where a more traditional loan requires a lot of documentation because the lender wants to insure themselves you are a safe and responsible borrower. With a no income stated loan you do need almost perfect credit and in most cases a fairly high down payment is required since it is a much riskier loan for lenders because there is so much less documentation. Not many lenders offer this loan anymore, but I do.  If you are in Manhattan, Brooklyn or Long Island I’m one of the few lenders left that offers no income stated mortgages.  Use my Refinance Advisor to see if this loan is right for you.

No income stated loans are perfect for self-employed individuals. Many self-employed people find it hard to qualify for traditional loan programs because it can be very hard to prove a steady income. Most loan programs require that a borrower submit W-2 forms, check stubs, gross income amounts and more. To a self employed individual it can be difficult prove a consistent yearly income because of the ups and downs in their industry or income from multiple sources. If you are self employed and these factors have stopped you from qualifying for a loan then a no income stated mortgage might be right for you.

Another major reason someone would go with a no income stated loan is because they tend to close much quicker then a traditional loan. Since there is much less documentation there is much less to verify which of course makes the closing much simpler and quicker. If you need a faster closing this might be the option for you.

A no income stated loan is a loan program that isn’t for everyone, but it does have its advantages for specific situations. Use my Purchase Assistant online tool to tell me about your situation so I can get back to you if one is right for you.

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4 Comments on Stated Income Mortgage Loans/ No Income Verification Loans

JUL
29
393,692 Points Outside Blog

Nikitas, I thought most or all of these programs are no longer used. Please call (561) 247-7376 or email a breakdown of what you have to offer    PWH@WinstonRealty.co
6:37am • #1
653,443 Points 9 Featured Posts Outside Blog Called Shot Master

I didnt know these loans were still available.  I have not heard of anyone doing them.
6:41am • #2
Outside Blog

Yes they are still around Winston i will give you a call either later today or tomorrow if that is ok with you, and  yes Chuck were still doing them and were doing a lot of them.

 
6:47am • #3
873,962 Points Outside Blog Called Shot Master

Nikitas - Sateted income loans will help more buyers qualify to buy homes. Thanks for the detailed  information on stated income loans.
8:51am • #4


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Nikitas Kouimanis

Nikitas Kouimanis 929 800 1888

Massapequa, NY

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