Why would I want a No Doc/Stated Income Loan
This mortgage will work well for you if you have verifiable employment and assets, but your income is just a little too low for the house you want to buy. This loan is perfect for the self employed, or for people who have just started their own business that has a lot of expenses they are allowed to write off.
What can I use a No Doc/Stated Income Loan for and what are my options
You can use a No Doc/Stated Income Loan to purchase a primary residence, townhouse, some manufactured housing and low rise condos. Some lenders will also allow high rise condos, second homes, and investment properties, but they will require either more equity or charge more. You can refinance into a No Doc/Stated Income Loan for a different rate or term.
Why should I get a No Doc/Stated Income Loan
The No Doc/Stated Income Loan is the most popular and least expensive of no documentation mortgages. You will be especially interested in this loan if you are self employed. If you get 1099 instead of W-2, most investors will ask to see a copy of your income tax return when you apply for other loans. This can hurt your chances for getting that loan because they show your income minus expenses.
How can I get a No Doc/Stated Income Loan
We would love to offer you a No Doc/ Stated Income Loan. Click here to apply.
How can my FICO/Credit Score affect my mortgage rate
Your Credit Score and FICO are vital factors in determining your mortgage rate. If you score between 720 and 850, you have excellent credit; you are A-Paper. If you score below 660 you will have trouble finding a lender who will work with you. The official cutoff for Sub-Prime or Non-Prime credit is 620.
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