Finding Stated Income Loan Lenders
Stated income loan lenders can be a great asset to those that want a loan without the hassles of income verification. Self-employed people are the group that benefits most from stated income loans. Small business owners may have trouble proving that they make as much money as they claim. This inability may prevent them from getting a loan from a traditional bank or lender.
A stated income loan allows them to simply state that they make a certain amount of money and the lender takes them at their word. This allows them to get the mortgage they want without having a traditional job. While this is a great idea, actually finding stated income loan lenders can sometimes be difficult. Here are a few tips to keep in mind when looking for stated income loan lenders.
Talk With Local Banks
The first thing you will want to do is speak with someone at your local bank. Talk to a mortgage professional at the bank and ask them about stated loan programs. If they have a program that they can use, this is great. Simply go with them and you're ready to get started. However, most local banks do not have these programs at their disposal. Even though they do not have them, they might be able to tell you who does. Mortgage brokers are great for referrals and many times can tell you where to look. They might know someone at a local mortgage broker that can get you the loan you need. Don't be afraid to ask them where to find a stated income loan even if they don't offer one.
There are a number of resources online that you can use to find stated income loans. Some mortgage companies that offer these loans will advertise the fact that they offer these loans in many places. Therefore, you can possibly find one just by typing in "no doc home loans" into your favorite search engine. One of their ads will most likely pop up and you can get in touch with them easily.
You could also use one of the popular loan finding services available on the internet. With these services, they actually have lenders compete for your business and some of them are stated income loan lenders. Use these resources to your advantage when looking for stated income loans.