No Documentation Loans - The Option for the Self Employed
Do you work for yourself, own your own business, or are you a tipped employee? Do you need to refinance or get a mortgage, but you are not sure how you will with the lack of proof for your income? Getting a mortgage can be difficult with no real proof of what you make.
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.
If you are self employed and you do not claim all of your income for whatever reason, then a mortgage that does not make you prove your income is perfect. This is usually called a stated income program. You will basically say you make a certain amount and the mortgage company will not verify the information with paycheck stubs or W-2 forms.
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.
Plus you will not have to worry about proving where you work or your income. This is one of the best parts about these programs is you do not have to prove much. This can help you get into the home you want or refinance your current mortgage.
Last, if you are a server, bartender, or any other tipped employee, then you will have a lot of trouble proving your income. This is because you probably do not claim all your tips. This will be the obstacle in your way to the mortgage you need.
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.
Using a state program is not a bad thing. It will have a bit higher rate and will be a little more risky for the mortgage company, but the no documentation loans may be your only option. If this is the case do not be afraid to go this route as it is still a mortgage, but it is designed for these special 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.
If you are self employed and you do not claim all of your income for whatever reason, then a mortgage that does not make you prove your income is perfect. This is usually called a stated income program. You will basically say you make a certain amount and the mortgage company will not verify the information with paycheck stubs or W-2 forms.
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.
Plus you will not have to worry about proving where you work or your income. This is one of the best parts about these programs is you do not have to prove much. This can help you get into the home you want or refinance your current mortgage.
Last, if you are a server, bartender, or any other tipped employee, then you will have a lot of trouble proving your income. This is because you probably do not claim all your tips. This will be the obstacle in your way to the mortgage you need.
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.
Using a state program is not a bad thing. It will have a bit higher rate and will be a little more risky for the mortgage company, but the no documentation loans may be your only option. If this is the case do not be afraid to go this route as it is still a mortgage, but it is designed for these special situations.
posted by Credit Counseling at
11:09 AM
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