Stated income loans haven’t gone away totally, as some people mistakenly believe. While you won’t find them offered by every lender today, there are some that still offer it. Before you decide which loan option is right for you, it’s important to understand the different requirements of the two loans. Compare Offers from Several Mortgage Lenders. Standard Loan … [Read more...] about Standard and Stated Income Loans: What’s the Difference in Guidelines?
You find out that you don’t qualify for a conforming loan. The lender tells you that you have a better chance look at non-conforming loans. What exactly does that mean and why did this happen? Compare Offers from Several Mortgage Lenders. First, we want you to know it’s not a bad thing. You are not automatically going to pay inflated interest rates or closing fees. It’s … [Read more...] about Common Reasons for Needing a Non-Conforming Mortgage
Stated income loans became a thing of the past after 2008, but are slowly coming back. The way you see them now, however, will not be as they were in the past. In fact, it is hard to find “stated income” loans, but you will find them with other names such as alternative documentation loans, asset-based loans, and offer letter loans. Alternative documentation and asset-based … [Read more...] about The Offer Letter Loan – How it Works