Stated Income Mortgage Loan - Get Approved Online

Astated income or no doc mortgage loan allows individuals with difficult to document income to buy a house. With a documented credit score reasonably stated income, you may qualify for a mortgage at a rate slightly higher. Online mortgage lenders allow you to compare rates on stated income mortgage loans, ensuring that you find the best price. Getting Started To request a stated income or no documentation mortgage loan you will need to provide documents necessary to verify your credit score and employment. You must provide your social security number as your credit worthiness is based almost entirely on your credit score. Typical stated income loans require a credit score of at least 680, but some lenders offer mortgages for lower scores 580. You also need to prove you are employed - the self-employed are eligible. You will need to disclose your income, which must be reasonable in your profession. Find mortgage lenders Just as with any type of mortgage loan, it is worth comparing the rates of banks' and taxes. Even a quarter of a percent difference can save you thousands throughout the duration of your mortgage. However, it is also necessary to factor in fees when comparing lenders. Fees often hide the true cost of a mortgage loan. To quickly find lenders, use a mortgage lender website to request basic quotes. By providing the loan amount and your estimated income, lenders will give you a generic mortgage quote. Online mortgage lenders allow quick shopping from the comfort of your home. Obtain an approved loan Once you have found a mortgage lender, you have two options. You can ask to be pre-approved for the mortgage loan stated income or you can find your house and then ask for a loan. Pre-approved borrowers increase the likelihood that their offer will be accepted when purchasing a home. When you are ready to apply for your mortgage loan, you can complete your application online by entering your personal information on a secure server. Final documents will be sent to you to read and sign. Once authenticated, to send the forms back to the lender for their final approval.