Stated Income Loans
Back from the grave, the mortgage industry has re-created mortgage loans that rely primarily upon your credit scores and assets to assess your ability to repay debts. The primary category of loan programs that will help you qualify for mortgage financing when you can not show much income are called Stated Income Loans. Stated income loans are for those home buyers that do not have enough verifiable income to get a standard home loan. With good credit and a strong down payment, stated income mortgage loans are very useful for the self-employed although you do not need to be self-employed to apply for this type of loan program.
Mortgages for the Self-Employed
Self employed individuals often ask … “Why is it so difficult to qualify for mortgage financing? “I have a business that is thriving, and I take the deductions that are allowed. After taking the allowable deductions my net income is not sufficient to qualify for a mortgage.” “What do I need to do to qualify for a mortgage?”
Virginia Mortgage Bankers is the lender you need for self-employed mortgage loans. With our network of over 20 mortgage lenders you can be assured you’re getting the best rate for your self-employed or stated income mortgage loan. If you have questions just ask! As one of the top mortgage brokers in Virginia; Virginia Mortgage Bankers offers stated income loans for the self-employed home buyers throughout all areas of Virginia.