Stated Income Loan California
Stated income loans are making a steady comeback and this is a good thing, especially for those individuals looking for a mortgage stated income loan California. The truth is, there are many self employed individuals in California looking for mortgage loans and until recently very few lenders offering competitive rates. Companies like HML Investments are dedicated to offering competitive rates for stated income loans in California.
So who are stated income loans meant for? Typically, a stated income loan is used by an individual who is self employed and cannot provide the documentation for full or income or states low income on their tax forms. Stated income loans are great for a person who earns a salary but also earns cash that is not documented. Some examples would include waiters, bar tenders, hair stylists, valets, etc. Another type of borrower that would opt for a stated income loan is someone who recieves rental income yet lacks the signed leases to verify the incomes.
Although stated income loans were used irresponsibly by brokers and lenders during the run up of the housing crisis in 2008, new rules and regulations are being implemented that makes it safer for the borrower of a stated income loan. For instance, new legislation is being passed which requires brokers to sign documents stating which party they represent (the borrower or the lender) in a deal in order to limit the transaction fees and prevent the borrower from entering into a risky loan. While the framework of mortgage lending is evolving, borrowers will find that stated income loans are a valuable tool in obtaining a mortgage loan in California’s highly sought after housing market.
Contact the specialists at HML Investments today for further information regarding stated income loan California.