The moment we decided to buy a new home of our own, the first question that came to our mind is that how can we finance it? As a pre-school teacher it’s easy to get a loan but when it comes to being a self-employed person and getting a home loan is very tough since no one will provide documents that are needed to get a loan.
Upon researching we found out that there is a way out and it was Stated Income loans. However, the loan will have a few requirements to attain it, but it’s still easier than regular loan.
What is a stated income loan?
Unlike the traditional home loans, in stated income mortgage loans you do not have to do a lot of documentation in support of the income stated by you in the loan application forms. There is no verification on income and hence if you are a self-employed person, you can easily avail this loan.
Thus, if you are unable to pay stubs or show your income tax returns, then go for this loan that will provide you with the best solution, like it has helped us.
What are the requirements of Stated Income loans?
For getting this loan we started looking for various options available in the mortgage market. The first thing that was needed to be assured was about the requirement of this type of loan. For this we should be able to do 30% down payment and have a credit score of more than 600. The minimum amount of loan that should be applied for is $125000 and if it is a refinance property then there it must be non-owner occupied.
Upon knowing this requirement we contacted the stated income loan agents from qkmortgage.com who made things easier for us. They explained us everything about availing this type of loan and also helped in processing it fast without any hassles of huge number of documentation.
How to apply for the loan?
After knowing everything the time came when we decided to apply for this loan with qkmortgage.com and we were overwhelmed with the response we got from the agents. They explained us the procedure and made arrangements that made the whole process seem easy and fast.
Actually for applying all that was required is filling up the application form and state your income there. There is no need to submit documents in support of the income stated. Even after we applied for the loan it took very less time to get it approved. All that was required by the stated income mortgage lenders was whether we were able to pay the down payments on time.
As it did not took time for underwriting or verification of the income and other things it was approved to us very fast.