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| *The Commerce Journal>>>Credit |
Are there Home loan programs were you dont have to show what you earned? |
This is what my friend says she did but it doesnt make sense to me This is called a stated loan. There really aren't very many any more unless your credit score is above a 720. There are still a few stated income deals at a few lenders but everyday fewer and fewer lenders are doing them and it's thought in the mortgage industry that they will be completely gone within a few months. You'd still have to verify assets, verify that you are employed, the stated monthly income would have to be reasonable for your job and you have to have a down payment. no Yes. Some common names are low doc (document), no doc or stated income loans. You will pay a higher interest rate for these types of loans and you usually have to have a mininum credit score. These types of loans appeal to people whose income is difficult to document, such as self-employed, commission, etc. It doesn't make sense to the lenders anymore, either. |
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