Stated income loans for self-employed borrowers Self-employed borrowers may find it difficult to qualify for traditional mortgages due to their variable income and tougher documentation requirements from lenders.
Thus, the self-employed and the affluent turn to stated income loans as a specialized loan product for them. Alternative documents may be presented for employment verification; but higher down payments, better credit scores, and lower DTI ratios are required for stated income loans.
Stated income loans used to be widely available before the housing market crash of 2008. When the Dodd-Frank Act was created in 2010, it heavily regulated banks and lenders. However, these loans that require no income docs or no tax returns for contractors and self-employed borrowers are available with more lenders.
This loan program fills a growing demand of credit worthy borrowers who are self-employed, have non-traditional incomes, have assets and no income, or have had difficulty qualifying for a traditional.
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Mindy Bakker of Mortgage Pros Inc. offers stated income and bank statement home loans for the self employed and those who need alternative qualifications.
The stated income-stated asset mortgage (SISA) originated as a tool for potential homeowners in specific financial situations to apply for a mortgage. Self-employed individuals, for example, often.
A "Stated Income Loan" is a loan program that does not require borrowers to document their source of income with pay stubs, 1099s, or 1040 tax returns to the lender although they declare it on their application. Borrowers simply state their income on the loan application and underwriters will review.
Stated Income Lenders in 2016. There is no longer such a thing as a "normal" stated income lender who has "normal" stated income guidelines. When it comes to finding the right stated income lender, there are many choices to choose from that range from small independent mortgage brokers to the biggest banks in the world.
Good news for the nation’s 14-million self-employed workers — mortgage lenders are making it easier to get approved for a purchase loan or home refinance.. And the old "stated income" or.
We also have a true "Stated Income" available for Investment properties only. No Income and No Employment borrower documents required. Available for both Self Employed and Wage Earning borrowers. Must be self-employed for at least 24 months for the bank statement qualifier. 1099 Contract employees OK too. We can combine income from a w-2.