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.
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