Los Angeles, CA; 10, June 2015: Stated income loans are specifically designed for people who want to purchase or refinance homes without the hassle of income verification. Qualifying for a stated income home loan does not, in any way, depend on how stable a person is financially or how much income they can prove that they are earning. Stated income home loans are designed to benefit the person borrowing the money, without the red tape of having to submit tax returns and verify income.
How Mortgage Loans Have Changed in 2015
Qualifying for a mortgage after 2008 became very restrictive, especially for people who do not have abundant or stable income. People who show less income on their tax returns have not had the option to refinance or purchase real estate by getting a conventional loan from a lending firm until very recently. Mortgage loans have changed rapidly in the recent years, and they have changed considerably in 2015 for borrowers who have adequate savings for a down payment or enough equity to refinance.
The most notable development in mortgage loans in the year 2015 consists of the stated income mortgage loan programs that have been created. Stated income mortgage loans have quickly become extremely popular as more and more people look to qualify for purchase or refinancing with mortgage loans that do not require income verification. Stated income mortgage loans have become increasingly popular for borrowers with low credit as well, especially in the case of people who have an unstable source of income or have reduced self-employed income shown on their taxes. An application for a stated mortgage loan is approved based on cash reserves or equity and the ability to afford the monthly payment.
Stated Income Loans – Mortgage Loans That Don’t Require any Income Docs
For stated income loans 2015 has been a breakthrough year. What is perhaps the most significant factor with stated loans is the fact that they do not require a person to furnish any income documents whatsoever.
This makes stated income loans ideal for self-employed individuals, or those borrowers that do not have a stable source of income, as well as applicants who have not low credit scores, and applicants who do not want their income documents to be reviewed by underwriters
No Need to Furnish Tax Returns
While most traditional mortgage loans require a borrower to furnish their income tax returns, stated income home loans do not have any such requirement.
IRS Documents Are Not Taken Into Consideration
When borrowers apply for stated income mortgage loans, the documents that the Internal Revenue Service has on record are not taken into consideration and do not carry any weight in the decision of whether or not a loan will be approved.
Proof of Employment Is Not Required
For those borrowers who want to apply for a stated income mortgage loan, they will NOT be asked to provide any proof of employment.
About QK Mortgage:
QK Mortgage is part of Maxim Real Estate Group Inc., which is a CA BRE licensed Real Estate Broker. QK Mortgage specializes in stated income loans where borrowers can get quick loan approvals without a need to submit income verification documents. With a minimum credit score of 600, individuals can now be eligible for a home loan with an affordable interest rate payment.
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