|
|
A full doc loan is one that requires that the borrower present all necessary documents, including income verification documents, to be used in underwriting and approving the home loan request. This type of loan usually offers lower rates because it is less risky for the lender. On the other hand, if you are self employed you may not have all of the required documents and should look into the many stated income loan I offer to my borrowers.
I can be reached at 773-255-5989 or joe@joespisak.com
Stated income home loans allow those who are self employed or do not have documentation of earned wages to state a wage on the mortgage application and qualify for a mortgage based on that stated income. The advantages of a stated income home loans allow those who are self employed or do not have documentation of earned wages to state a wage and qualify for a mortgage based on that stated income. The advantages of a stated income loan are that the borrower does not need to verify income and approval is generally faster than with traditional home loans.
The usual disadvantages of this type of loan are that interest rates and the required down payments can be higher than with traditional home loans. Although in many instances, I am able to provide my borrowers the same interest rates as if they were applying for a Fully documented loan. Also, I have flexible down payment requirements too!
Finally, it is important to note that the purpose of this type loan is to help with the ease of documentation requirements.
I will always provide you your monthly payment(s), in writing, so that you can make sure that this is a payment, or set of payments that you can afford.
|
|
|
