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Just a few years ago, stated income loans were very popular and there were plenty of stated income lenders who had flexible guidelines and low stated income rates. Then the credit crisis hit and lenders began pulling their stated income mortgage programs. As lenders began to stop offering stated income loans, many small business owners… [Read More]
These loans are nominally intended for self-employed borrowers, or other borrowers who might have difficulty documenting their income. Stated income loans have been extended to customers with a wide range of credit histories, including subprime borrowers. Stated income loans fill a gap of situations which normal loan standards would not approve. For example, a standard… [Read More]
Mortgage lenders have tightened requirements across the board in the wake of the housing crisis, but now—even as the workforce increasingly moves away from traditional 9-to-5 employment—self-employed borrowers have a tougher time securing a mortgage. It’s an issue felt by many, as the Small Business Administration reported that the number of Americans who were self-employed… [Read More]
“Mortgage applicants who can’t provide tax returns or pay stubs to show their income are getting stated income loans again as companies such as Unity West Lending and Westport Mortgage chase customers they can no longer afford to ignore. Lenders say these aren’t the same products as the so-called “liar loans” that were pervasive before… [Read More]
An increase in stated income loans is being seen in the mortgage space as lenders seek new ways to attract clients, Reuters reports. The loans, which are for those who can’t provide tax returns or pay stubs to show their income, are making a comeback as companies such as Unity West Lending and Westport Mortgage chase… [Read More]
Stated income loans don’t require income documentation and can be a big help for borrowers with stacks of tax returns. Here’s who can take advantage of the resurrected mortgage program. Even after all the lessons learned after the mortgage crash, there still are home loans that do not require the borrower to show their tax returns. It… [Read More]