No Documentation Loans - The Option For Independent Contractors
Are you self employed, an independent contractor, or a tipped employee? If so, then you know how difficult it can be to find a loan or a mortgage. When you cannot prove your income it becomes very difficult to get a good mortgage.
However, you can use what is called no documentation loans to get the morgage you need. This could be the answer you have been waiting for. Here are the types of situations that fit the profile for a no documentation loan.
If you are self employed, then you should know that this program began with you. You will probably be asked to use what is called a stated income mortgage program. This will allow you not to have to prove your income since that can be difficult for the self employed.
This will get you a mortgage without any trouble. You will not have to prove your income or anything else that has to do with money. This type of mortgage exists becuase there are situations that it is necessary for.
Another type of worker that could use a no documentation loan is the independent contractor. This person gets paid cash mostly and it can be very hard to prove income in this situation. This is another time where the stated income program works wonders.
You will not have to prove your income or where you work with this program. It is very similar to being self employed, but not quite the same. This will allow you to refinance if you need to or purchase a home if that is what you are attempting to do.
One more situation that the no doc loan is great for is tipped employees. These are usually bartenders and servers, but anybody that makes the majority of their money from tips qualifies. This person typically does not claim all their tips and this makes it hard to prove your real income.
In order to get the mortgage you need you will have to use a stated program. This will allow you to say what you make with no verification whatsoever. They will not even send a verification to your employers because you will just provide a number and a signature.
Using a state program is not a bad thing. It will have a bit higher rate and will be a little more risky for the mortgage company, but the no documentation loans may be your only option. If this is the case do not be afraid to go this route as it is still a mortgage, but it is designed for these special situations.
However, you can use what is called no documentation loans to get the morgage you need. This could be the answer you have been waiting for. Here are the types of situations that fit the profile for a no documentation loan.
If you are self employed, then you should know that this program began with you. You will probably be asked to use what is called a stated income mortgage program. This will allow you not to have to prove your income since that can be difficult for the self employed.
This will get you a mortgage without any trouble. You will not have to prove your income or anything else that has to do with money. This type of mortgage exists becuase there are situations that it is necessary for.
Another type of worker that could use a no documentation loan is the independent contractor. This person gets paid cash mostly and it can be very hard to prove income in this situation. This is another time where the stated income program works wonders.
You will not have to prove your income or where you work with this program. It is very similar to being self employed, but not quite the same. This will allow you to refinance if you need to or purchase a home if that is what you are attempting to do.
One more situation that the no doc loan is great for is tipped employees. These are usually bartenders and servers, but anybody that makes the majority of their money from tips qualifies. This person typically does not claim all their tips and this makes it hard to prove your real income.
In order to get the mortgage you need you will have to use a stated program. This will allow you to say what you make with no verification whatsoever. They will not even send a verification to your employers because you will just provide a number and a signature.
Using a state program is not a bad thing. It will have a bit higher rate and will be a little more risky for the mortgage company, but the no documentation loans may be your only option. If this is the case do not be afraid to go this route as it is still a mortgage, but it is designed for these special situations.
posted by Credit Counseling at
6:53 AM
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