Stated Income Mortgage 2014
In years past, a buyer may have been able to make that acquisition using less of its own money, but with the tightening of the credit markets in 2008 and the downturn in the economy from 2001 to 2010, most buyers now find they need to put in more equity than in years past. Sated income mortgage 2014 lenders are focused on meeting the demand for home financing by those whose attributes do not conform to bank requirements. Whether you are self employed or lack the required income documentation needed to acquire a mortgage from a bank, stated income mortgage 2014 loan could be the solution for you.
Stated income mortgage 2014 loans are being offered by non bank lenders geared towards providing financing for individuals who do not fit the mold for institutional bank borrowers. Stated income lenders look to lend to self employed individuals whose taxes at the end of the year do not properly reflect their income. Because self employed individuals write off many of their business expenses, that directly reduces the amount of taxable income at the end of the year, lowering the monthly income amounts under the acceptable level to be approved for a conventional loan. Stated income loans allow these borrowers to submit a document to the lender which states their monthly income knowing that the lender will not validate the income. While this type of loan may be associated with the “liars loans” which contributed to the mortgage crisis in 2007, the stated income loans of today require good credit scores, verified income sources, and substantial down payments on the property. Furthermore, if your income is largely comprised of tips and commissions, a stated income loan ay be the right financing solution for you.
For more information about stated income mortgage 2014, contact the specialists at HML Investments today.