Are you self-employed? Do you want to get loan but you don’t know how to because you believe only employees with structured salaries can get them? Do you want to get a loan so you can buy a house but don’t have tax return documents?
If you answered yes to any of these questions then this article is for you. This article would help you understand an option that might be good for you – A stated income home loan from www.statedincomeloans.mortgage.
By the end of this article you would have learnt what you need to know about stated income home or self-employed loans and how you can apply. Without much further ado, let us get right into it.
What is a stated income or self-employed loan?
To understand what self-employed loans are, you need to understand what self-employed means. Generally a self-employed individual means someone who has creates and runs his or her business by themselves.
For the sake of this article though, a self-employed individual is someone who have irregular incomes, that is, they might often find it hard to meet the income requirements for home loans.
So what happens when a self-employed individual is looking for a loan? This is where a no income verification home loan is introduced.
Many mortgage companies offer this kind of loans. Leading among these mortgage companies is LBC Mortgage. The only requirements that LBC Mortgage have is that you have a credit score of at least 600 and that you make a 10% down payment.
What are the benefits of stated income or Self-employed loans?
One of the major benefits of stated income loans is that it allows business owners or self-employed individuals get home loans at their convenience without having to go through the trouble of not having a mean of income verification.
With self-employed loans, all you need do is fill out what you earn on the home loan application. The mortgage company then goes behind the scenes to find other information like your credit score, assets and bank statements. What they get from their findings would determine whether you would be allowed to get a loan from them.
Finally,
A stated income loan would allow you to buy property in urban areas like California so there is no reason to think that you would have to get a house in the country side when you go through this route.
Loans can be a tad tedious but with stated income loans, most of the hurdles are already crossed. So if you are self-employed you should consider getting a self-employed loan to reduce stress, and paperwork.
There are only so much information that an article can contain. Find out more about self-employed loans here.
