Get the financing you need, regardless of your income documentation.
A stated income mortgage, also known as a “no-income verification” or “low-documentation” mortgage, is a type of loan that does not require the borrower to provide extensive documentation of their income. Instead, the borrower simply states their income and the lender relies on other factors, such as credit score and assets, to determine the borrower’s ability to repay the loan.
Stated income mortgages can be a great option for self-employed individuals or those who have a more complex income situation. They can also be a good choice for borrowers who may not have traditional forms of income, such as those who are paid in cash or tips.
Some benefits of stated income mortgages include:
- Easy to Qualify: Because the lender does not require extensive documentation of the borrower’s income, the approval process can be faster and less complex. This can be especially beneficial for self-employed individuals or those who have a more complex income situation. Learn more about mortgage income here.
- Flexibility: Because the lender is relying on other factors, such as credit score and assets, to determine the borrower’s ability to repay the loan, they may be more willing to offer a higher loan amount or more favorable terms.
Mortgage Suite can help you understand the benefits of a stated income mortgage and how it can work for you. Our team of licensed mortgage professionals can help you determine if this type of mortgage is right for you, and guide you through the application and approval process. We can also help you understand the terms and conditions of the loan and find a lender that offers stated-income mortgages.
Don’t let the traditional income verification process prevent you from getting a mortgage, contact Mortgage Suite today to learn more about how stated income mortgages can benefit you.
