Do you own your own business, work as a freelancer, or make most of your money through investments? If so, you may scratch your head at the traditional loan application paperwork requirements. How are you supposed to prove your income if you do not have a W-2? And what if your tax return isn’t an accurate representation of your financial situation?
Obviously, self-employed people do manage to get residential home loans as well as mortgages to invest in second homes, vacation rentals, or commercial properties. The trick is to apply for what is called a “stated income loan.”
A stated income loan is one which does not require the standard full documentation that a traditional mortgage does. That means you do not need to provide a W-2, your tax return, or any pay stubs.
Because there is no need to provide all these documents, the stated income loan process has the additional advantage of being rapid and easy.
If you do not need to prove your income, you may be wondering what factors are considered when evaluating your stated income loan application. Here are what lenders consider:
If you have any questions about what you need to successfully apply for a stated income loan, we can answer those questions during your consultation.
Many more mortgage companies than in the past are now offering stated income loan programs. But often, that is not their focus. At Lending Bankers Mortgage, stated income loans and bank statement loans are among our top mortgage products.
We have extensive experience approving these types of loans and are familiar with a wide variety of income scenarios. No matter how you pay your bills, chances are good we have worked with customers in the past with similar situations.
We also work with a broad network of lenders throughout the Miami region. This means that no matter what your situation is, we can match you with a stated income loan to fit your needs.
If you are ready to apply now for fast and easy financing with a stated income loan, please give us a call today at (786) 425-3218. You can also email us at info@lendingbankers.com. We can’t wait to help you with your mortgage needs.
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Lending Bankers Mortgage LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.
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