No Documentation Loans - The Option For Independent Contractors
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.
There is a way that you can get a mortgage without many difficulties, though. You can use what is called no documentation loans to get what you need. Here are the situations that are perfect for the no doc type of 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.
You should have no problems getting the mortgage you need with a stated income program. You will not have to prove any income and you will be able to write down a number of what you really make. These programs started specifically for the self employed so don't be afraid to take advantage of them.
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.
One more situation that the no doc loan is great for is tipped employees. These are usually bartenders and servers, but anybody that makes the majority of their money from tips qualifies. This person typically does not claim all their tips and this makes it hard to prove your real income.
In order to get the mortgage you need you will have to use a stated program. This will allow you to say what you make with no verification whatsoever. They will not even send a verification to your employers because you will just provide a number and a signature.
No documentation loans should not scare you, and you should not feel like you are doing something wrong. The interest rate will be a little higher than a normal mortgage, but that is due to the lender taking a little more of a risk on you. These programs were designed for this use, though, so use them.
There is a way that you can get a mortgage without many difficulties, though. You can use what is called no documentation loans to get what you need. Here are the situations that are perfect for the no doc type of 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.
You should have no problems getting the mortgage you need with a stated income program. You will not have to prove any income and you will be able to write down a number of what you really make. These programs started specifically for the self employed so don't be afraid to take advantage of them.
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.
One more situation that the no doc loan is great for is tipped employees. These are usually bartenders and servers, but anybody that makes the majority of their money from tips qualifies. This person typically does not claim all their tips and this makes it hard to prove your real income.
In order to get the mortgage you need you will have to use a stated program. This will allow you to say what you make with no verification whatsoever. They will not even send a verification to your employers because you will just provide a number and a signature.
No documentation loans should not scare you, and you should not feel like you are doing something wrong. The interest rate will be a little higher than a normal mortgage, but that is due to the lender taking a little more of a risk on you. These programs were designed for this use, though, so use them.
About the Author:
Do you fit the above situations? Then, you need to learn all aboutStated Income Programs by Click Here Now!
posted by Debt Consolidation Loan at
10:59 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home