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 solution and it is called no documentation loans. This could be the answer to all your issues. Here are the situations to use a no doc loan in.
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.
If you are one that works for someone else, but are considered an independent contractor, then you can also use the no documentation loans to your advantage. You probably get paid cash, which can make it difficult to prove what you actually make. This would be another great time to use the stated income program.
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.
The last type of person is one that it is almost always necessary to use a no documentation loan to get a mortgage for. This is the tipped employee. This includes servers, bartenders, and anybody else that make the largest portion of their money for tips. Because you probably do not claim all your tips it will be difficult for you to get the mortgage you are after.
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.
There is a solution and it is called no documentation loans. This could be the answer to all your issues. Here are the situations to use a no doc loan in.
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.
If you are one that works for someone else, but are considered an independent contractor, then you can also use the no documentation loans to your advantage. You probably get paid cash, which can make it difficult to prove what you actually make. This would be another great time to use the stated income program.
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.
The last type of person is one that it is almost always necessary to use a no documentation loan to get a mortgage for. This is the tipped employee. This includes servers, bartenders, and anybody else that make the largest portion of their money for tips. Because you probably do not claim all your tips it will be difficult for you to get the mortgage you are after.
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
11:16 AM
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