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Trying to get approved for a home mortgage as a small business owner or a self-employed individual can be difficult! The first thing that lenders will ask for is verification of employment and income. As many are well aware, this documentation is usually the result of accounting practices to reduce tax liability when you own a small business or are self-employed. Stated income loans are a perfect solution for those who need a loan but don’t have the documented verification that lenders are requesting.
Business owners who have good cash flow and reserves can now apply for a stated income loan! Stated income loans are the no income verification loan that reduce the underwriting delays and make it possible to qualify when the reserves are on hand. Borrowers can qualify to borrow up to two million dollars towards a home purchase or refinance with little to no underwriting hassle.
There are four primary requirements of obtaining stated loans. The first requirement is that a borrower must be able to provide a thirty percent down payment. Next you will need a credit score of six hundred or above. This is a reasonably low credit score for any loan requirement. Your loan amount must be a minimum of one hundred and twenty five thousand dollars. In most cases the home must be non-owner occupied.
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There are so many benefits to obtaining a stated income loan. First off, the low credit score requirement ensures that most self-employed individuals and small business owners will be able to obtain these loans. The down payment is comparable to that of many other traditional 20% loan requirements. No income verification delays and fewer underwriting requirements means that stated home loans are funded faster than verified income loans.
You can borrow up to two million dollars towards your home purchase with absolutely no income verification requirements! In three years you will also have the option to have your stated income loan refinanced into another loan without a prepay penalty. With interest rates as low as seven to nine percent, you may choose to keep your stated income loan for its duration.
A stated income loan is the home mortgage loan that self-employed dreaming for! This loan allows borrowers to obtain up to two million dollars without having to provide tax returns, w2, or pay-stubs. Stated income loans are the best hassle free loans on the market. If you are a self-employed or a small business owner and you do not declare high income on your tax return, this is the loan that will make sense for you. If you are interested in qualifying for a no income verification loan for a purchase or refinance, call and talk to the team at QK Mortgage today (866) 690-7463.