Stated Income Home Loans And Their Advantages
Generally, a stated income home loan means you can get a loan without having to verify your income or assets. Stated income home loans are only offered to individuals whose credit rating is excellent. Stated income home loans are suited for individuals who are self-employed and need money urgently.
Advantages
The main advantage of stated income home loans is that no conventional documentation is needed in these loans. This means individuals with good credit rating can avail these loans without having to go through complex documentation process. Another good thing about stated income home loans is that you can get 100% finance of the property value for refinance or a buying.
Applying
To apply for a stated income home loan, you need to provide the lender with your credit score details and job status. As your credit rating is totally dependent on your credit score, you must give your social security number to the lender. To get a stated income home loan, your credit score must be at least 680. However, there are some lenders offer stated income home loans for credit score as low as 590. In order to get approval for a stated income home loan you need to prove your job status. The lender may ask you to disclose your salary before approving your loan application.
Finding A Lender
Similar to other home loans, make sure you compare the interest rates and fees of the lenders before going for a stated income home loan. Even a quarter of a percent difference in the interest rate can save you more than $1,000 over the mortgage life. When comparing lenders, you also need to take into consideration the fees which can hide the true cost of a home loan.
You can check out a mortgage lender website in order to find lenders quickly. You will get a general quote from as soon as you give them the details of loan amount needed and your present income. Compared to traditional mortgage lenders, online mortgage lenders provide you quote quickly.