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 way that you can get a mortgage without many difficulties, though. You can use what is called no documentation loans to get what you need. Here are the situations that are perfect for the no doc type of loan.
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.
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.
You will not have to prove your income or where you work with this program. It is very similar to being self employed, but not quite the same. This will allow you to refinance if you need to or purchase a home if that is what you are attempting to do.
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.
When you use a program like the no documentation loans or the stated income mortgage you are not doing anything that will hurt you. It will have a bit higher interest rate because it is a little more risky for lenders, but that is about it. You should not be afraid to go this route if you fit the above situations. - 16492
There is a way that you can get a mortgage without many difficulties, though. You can use what is called no documentation loans to get what you need. Here are the situations that are perfect for the no doc type of loan.
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.
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.
You will not have to prove your income or where you work with this program. It is very similar to being self employed, but not quite the same. This will allow you to refinance if you need to or purchase a home if that is what you are attempting to do.
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.
When you use a program like the no documentation loans or the stated income mortgage you are not doing anything that will hurt you. It will have a bit higher interest rate because it is a little more risky for lenders, but that is about it. You should not be afraid to go this route if you fit the above situations. - 16492
