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Stated Income Loan
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 Home Mortgage Lender provides information about stated income loanStated income loan requires little verification to receive money. Stated income loan generally requires no pay stubs, W2's or tax returns. For those who have difficulty verifying their earnings, stated income loan may just be the answer. Usually this group includes borrowers that make tips, bonuses and commission as their sole form of income or are simply self-employed or are retired and live off of their investments.
When considering a stated income loan as an alternative to traditional borrowing methods, one does have to have verifiable employment and some cash reserves or assets. Stated income loan is also known as No Income Verification Loan (NIV). Mortgage application
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Several different types of stated income loan exists, depending upon the lender. Some stated income loan is available for those with FICO scores as low as 580 - 640. Usually the borrower's statement or assertion of their income is enough to get the loan along with some assets. There are, however, some leaders that offer stated income and stated asset loans, which means that neither the income nor the assets are verified by the lender. These loans generally carry a slightly higher interest rate for the borrower since the lender accepts more risk with this method.
There may be some other caveats when applying for a stated income loan such as being with the same employer for 2 years, several credit accounts and no bankruptcies within the last 3 years. Also, the borrowers title must match closely to the stated income. As an example, a high-school janitor reporting $10,000 per month in earnings would be suspect.
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Stated income loan can be used for new purchases, refinancing your current home and home equity lines of credit. Some lenders even offer stated income loan for commercial and non-residential real estate as well.
Stated income loan may also be desirable for privacy-advocates who are willing to pay a little more in interest rates in order to keep their money matters private. No matter which kind of borrower you may be, stated income loan is at least worth considering if an alternative is what you need. Mortgage application
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