Are you an individual that owns a business? Do you work as an independent contractor or are you a tipped employee? These are all situations that can make getting a good mortgage difficult because proving your income can be very hard to do.
However, you can use what is called no documentation loans to get the morgage you need. This could be the answer you have been waiting for. Here are the types of situations that fit the profile for a no documentation loan.
Those that are self employed are perfect for this type of mortgage. They typically do not claim all the money they make for various reasons. This can make it very difficult to prove their income. There are programs called stated income programs that are just right for you to use in this situation. They will not verify your income on a program like this.
This should present on issues and getting the mortgage should be pretty easy. You will not have to gather together bank statements or any other proof of your income. Just write down a number and sign it saying that is what you make.
Next, if you are an independent contractor and get paid mainly in cash, then it can be hard to prove what your income is. If this is you, then you are a perfect candidate for a stated income or no documentation loan. This will give you the leverage you need to get a loan and get it fast.
You will not have to prove your income or where you work with this program. It is very similar to being self employed, but not quite the same. This will allow you to refinance if you need to or purchase a home if that is what you are attempting to do.
The last type of person is one that it is almost always necessary to use a no documentation loan to get a mortgage for. This is the tipped employee. This includes servers, bartenders, and anybody else that make the largest portion of their money for tips. Because you probably do not claim all your tips it will be difficult for you to get the mortgage you are after.
However, you can use the stated income program to get the mortgage you are after. This will give you the option of just writing down what you make and signing it. They will not be proving your actual income or your employment so you do not have to worry about that.
When you use a program like the no documentation loans or the stated income mortgage you are not doing anything that will hurt you. It will have a bit higher interest rate because it is a little more risky for lenders, but that is about it. You should not be afraid to go this route if you fit the above situations.
However, you can use what is called no documentation loans to get the morgage you need. This could be the answer you have been waiting for. Here are the types of situations that fit the profile for a no documentation loan.
Those that are self employed are perfect for this type of mortgage. They typically do not claim all the money they make for various reasons. This can make it very difficult to prove their income. There are programs called stated income programs that are just right for you to use in this situation. They will not verify your income on a program like this.
This should present on issues and getting the mortgage should be pretty easy. You will not have to gather together bank statements or any other proof of your income. Just write down a number and sign it saying that is what you make.
Next, if you are an independent contractor and get paid mainly in cash, then it can be hard to prove what your income is. If this is you, then you are a perfect candidate for a stated income or no documentation loan. This will give you the leverage you need to get a loan and get it fast.
You will not have to prove your income or where you work with this program. It is very similar to being self employed, but not quite the same. This will allow you to refinance if you need to or purchase a home if that is what you are attempting to do.
The last type of person is one that it is almost always necessary to use a no documentation loan to get a mortgage for. This is the tipped employee. This includes servers, bartenders, and anybody else that make the largest portion of their money for tips. Because you probably do not claim all your tips it will be difficult for you to get the mortgage you are after.
However, you can use the stated income program to get the mortgage you are after. This will give you the option of just writing down what you make and signing it. They will not be proving your actual income or your employment so you do not have to worry about that.
When you use a program like the no documentation loans or the stated income mortgage you are not doing anything that will hurt you. It will have a bit higher interest rate because it is a little more risky for lenders, but that is about it. You should not be afraid to go this route if you fit the above situations.
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