Less paperwork mortgage? Try stated income programs

A hassle that mortgage seekers consider is the amount of paperwork or documentation they need to come up to qualify for a loan. Stated income programs could be the answer to their nightmare.

Stated income programs are just specifically designed for self employed borrowers who want to avoid submitting complicated tax documents when applying for a mortgage loan. No written verification of income is required under this program. The income used is what is listed on the loan application, thus the name "stated income." Excellent credit and cash reserves are two requirements for this type of financing. First time buyers are not eligible for stated income programs.

Whats convenient about stated income programs is that they allow borrowers to state their income instead of having to provide documentation to prove income. Stated income programs have several benefits. Aside from the need for less documentation, one can qualify for higher loan amounts. They are based on credit and appraised value and are quite flexible. In stated income programs, there is no need for income verification. Fast approval is guaranteed. However, higher rates and higher downpayments are required in stated income programs.

Stated income programs are offered in many ways. Some mortage corporations accept limited document loan applications. This type of stated income program can allow you an equivalent rate as a full documented file. All that is required is that you provide your last 6-12 months bank statements, instead of providing your tax returns or W-2's and paystubs. This is an excellent program for the self employed borrower who has good income or cash flow, but when it comes to verifying his income with tax returns he writes off most of his income. Another stated income program is the stated income loan verified assets or SIVA. With this loan, the mortgage company state your income without providing any income tax returns, paystubs, or even W-2's. They will then verify your savings with bank statements. Verifying savings can help compensate for the lack of income documentation. If you have good savings but don't want to show your income for whatever reason, that is, this stated income program might work well for you. One m ore type of stated income program is the stated income loan stated assets or SISA. This loan program gives plenty of flexibility. If you don't want to show your income or your bank statements, you just state what your income is, and you state what your bank account balances are. Mortgage companies would definitely believe you. This stated income program requires that at least you mention your employment and the banks that you bank at, but requires no verification of your income or your bank accounts. This is what has been called the Easy Doc Loan, because it is a fast easy loan. Another type of stated income program is the no income no asset or NINA. This stated income program requires that you mention your employment but you do not have to mention the income you derive from your employment. You also have to mention the bank accounts that you have but you don't have to mention how much is in the accounts. The amount of income and assets is left blank. This makes for a pretty interesting loan. It works well, and helps thousands refinance every year and accomplish your financial dreams. Finally, the no doc loan. This stated income program is even easier than the others. Absolutely no documentations are required. Nothing is even asked about your employment and no information regarding your assets will be divulged. That means those areas are left blank on the loan application. Imagine how extremely thin your application file will be if you consider this stated income program. All that is needed is the appraisal, credit report, and the disclosures. This loan is the easiest loan program of them all.

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