Articles
Newsletter
| No Documentation Loans - The Option for the Self Employed |
 |
 |
 |
| Written by Gressly Stevens |
| Thursday, 22 January 2009 20:22 |
|
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. There is a way that you can get a mortgage without many difficulties, though. You can use what is called no documentation loans to get what you need. Here are the situations that are perfect for the no doc type of loan. If you are self employed and you do not claim all of your income for whatever reason, then a mortgage that does not make you prove your income is perfect. This is usually called a stated income program. You will basically say you make a certain amount and the mortgage company will not verify the information with paycheck stubs or W-2 forms. This should present on issues and getting the mortgage should be pretty easy. You will not have to gather together bank statements or any other proof of your income. Just write down a number and sign it saying that is what you make. Next, if you are an independent contractor and get paid mainly in cash, then it can be hard to prove what your income is. If this is you, then you are a perfect candidate for a stated income or no documentation loan. This will give you the leverage you need to get a loan and get it fast. 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. Last, if you are a server, bartender, or any other tipped employee, then you will have a lot of trouble proving your income. This is because you probably do not claim all your tips. This will be the obstacle in your way to the mortgage you need. However, you can use the stated income program to get the mortgage you are after. This will give you the option of just writing down what you make and signing it. They will not be proving your actual income or your employment so you do not have to worry about that. 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. About the Author: There are options for those that struggle to prove their income. Discover all the information you need about No Doc Loans by Going Here! Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
Stumble It!
Members : 1254
Content : 2297
Web Links : 1
Content View Hits : 310825
Content : 2297
Web Links : 1
Content View Hits : 310825