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Stated Income Mortgage Loan - Get Approved Online
A stated income or no doc
mortgage loan allows individuals with difficult to document
income to buy a home. With a documented credit score
and reasonably stated income, you can qualify for a mortgage
at a slightly higher rate. Online mortgage lenders allow
you to easily compare rates on stated income mortgage
loans, guaranteeing that you get the best rate.
Getting Started
To apply for a stated income
or no documentation mortgage loan you will need to provide
necessary paperwork verifying your credit score and employment.
You must provide your social security number since your
credit worthiness is based almost entirely on your credit
score. Typical stated income loans will require a credit
score of at least 680, but some lenders will offer loans
for scores as low as 580.
You will also need to prove
you are employed - self-employed individuals qualify.
You will need to disclose your income, which must be
reasonable in your profession.
Finding Mortgage Lenders
Just like with any type
of mortgage loan, it pays to compare lenders’ rates and
fees. Even a quarter of a percent difference can save
you thousands over the life of your mortgage. However,
you also need to factor in fees when comparing lenders.
Fees often hide the true cost of a mortgage loan.
To quickly find lenders,
use a mortgage lender website to request basic quotes.
By providing the loan amount and your estimated income,
lenders will give you a generic mortgage quote. Online
mortgage lenders allow quick shopping from the convenience
of your home.
Getting An Approved Loan
Once you have found a mortgage
lender, you have two options. You can apply to be pre-approved
for your stated income mortgage loan or you can find
your house and then apply for a loan. Pre-approved borrowers
increase the chance that their offer will be accepted
when buying a home.
When you are ready to apply
for your mortgage loan, you can complete your application
online by entering your personal information over a secure
server. Final paperwork will be mailed out to you to
review and sign. Once notarized, you send the forms back
to the lender for their final approval.
Here are our recommended sources for mortgage lenders online, most of which have the capability of doing a stated income home loan:
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