Stated income lenders
Stated income lenders are still around these days. While many borrowers are struggling to qualify with any conventional lenders, some private lenders started their own fund to help borrowers qualify for real estate loans. These type of stated income lenders called hard money lenders or hard money brokers.
There are many private lenders or hard money lenders that are looking for the right trust deed investments. These private lenders will still underwrite your loan and make sure their money is protected, but this process is so easy and many borrowers can qualify with no interruption.
Stated Income loans
Stated income loans provided by stated income lenders in your area can help you qualify without showing any income, but you need to have some equity in your property. Stated income loans will not require you to show your tax returns or bank statements. The only underwriting challenge lenders will have is to looks= at comps around your neighborhood and make sure you have enough equity that will protect the trust deed investor’s money in the event of a default.