Do you work for yourself, own your own business, or are you a tipped employee? Do you need to refinance or get a mortgage, but you are not sure how you will with the lack of proof for your income? Getting a mortgage can be difficult with no real proof of what you make.
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.
This should present on issues and getting the mortgage should be pretty easy. You will not have to gather together bank statements or any other proof of your income. Just write down a number and sign it saying that is what you make.
Another type of worker that could use a no documentation loan is the independent contractor. This person gets paid cash mostly and it can be very hard to prove income in this situation. This is another time where the stated income program works wonders.
This will allow you to not have to worry about proving where you work or what you make. This is almost like being self employed, but not quite. You can refinance or get into the home you are after with the stated income program if you are an independent contractor and it will be pretty easy for you.
Last, if you are a server, bartender, or any other tipped employee, then you will have a lot of trouble proving your income. This is because you probably do not claim all your tips. This will be the obstacle in your way to the mortgage you need.
In order to get the mortgage you need you will have to use a stated program. This will allow you to say what you make with no verification whatsoever. They will not even send a verification to your employers because you will just provide a number and a signature.
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. - 16732
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.
This should present on issues and getting the mortgage should be pretty easy. You will not have to gather together bank statements or any other proof of your income. Just write down a number and sign it saying that is what you make.
Another type of worker that could use a no documentation loan is the independent contractor. This person gets paid cash mostly and it can be very hard to prove income in this situation. This is another time where the stated income program works wonders.
This will allow you to not have to worry about proving where you work or what you make. This is almost like being self employed, but not quite. You can refinance or get into the home you are after with the stated income program if you are an independent contractor and it will be pretty easy for you.
Last, if you are a server, bartender, or any other tipped employee, then you will have a lot of trouble proving your income. This is because you probably do not claim all your tips. This will be the obstacle in your way to the mortgage you need.
In order to get the mortgage you need you will have to use a stated program. This will allow you to say what you make with no verification whatsoever. They will not even send a verification to your employers because you will just provide a number and a signature.
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. - 16732
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