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How Does a Stated Income Loan Work - VP Capital Lending

Stated Income loans in the USA are the ones that allow borrowers to simply state their monthly income on a mortgage application rather than verifying the actual amount by furnishing pay stubs and tax returns.

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How Does a Stated Income Loan Work - VP Capital Lending

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  1. S T A T E D I N C O M E L O A N S

  2. I N D E X TODAY'S AGENDA How does a stated income loan work? 01 There is a mortgage doc type for every situation. 02 Difference between qualifying for a bank statement 03 loan and a credit loan 04 How do you qualify for a bank statement loan? 05 Two-year time frame, Down Payment & Credit score Qualifying for a stated income loan 06

  3. INTRODUCTION: STATED INCOME LOANS IN USA Stated Income loans in the USA are the ones that allow borrowers to simply state their monthly income on a mortgage application rather than verifying the actual amount by furnishing pay stubs and tax returns.

  4. H O W D O E S A S T A T E D I N C O M E L O A N W O R K ? You don't have to document and verify your income when obtaining a home loan. No one actually verifies it. All you need to do is state how much money you can make each month.

  5. THERE IS A MORTGAGE DOC TYPE FOR EVERY SITUATION. For getting a better understanding of what a stated income loan is. It might help to learn about the different mortgage documentation types.

  6. DIFFERENCE BETWEEN QUALIFYING FOR A BANK STATEMENT LOAN AND A CREDIT LOAN For bank statement loans, lenders use bank statements to confirm borrowers' income rather than tax returns. Stated income loans don't exist for owner-occupied properties.

  7. HOW DO YOU QUALIFY FOR A BANK STATEMENT LOAN? Determining your net income is one of the most significant things lenders consider while delving into loan qualification. Also, there are a few other things they keep in mind.

  8. TWO-YEAR TIMEFRAME, DOWN PAYMENT & CREDIT SCORE T W O - Y E A R T I M E F R A M E D O W N P A Y M E N T C R E D I T S C O R E These loans are the ones that require larger down payments than traditional mortgages. Even if you are a borrower with excellent credit, you may still be required to put 10% down. Most lenders look for self-employed borrowers who have at least two years of experience with consistent income. You must expect a higher credit score requirement with bank statement loans. You’ll definitely be charged a higher interest rate, while you may qualify with a lower score.

  9. QUALIFYING FOR A STATED INCOME LOAN The lenders who offer stated income mortgages don’t qualify borrowers nonchalantly. The latter needs to have credit scores and plenty of cash reserves.

  10. WRAPPING IT UP When you are applying for stated income loans in the USA, the borrower's employment is verified. However, the application has to state monthly gross income. Q U E S T I O N S ?

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