Stated income loans are nothing but normal mortgage loan. For getting these kind of loans, a borrower has to state his income either yearly or monthly. In this loan, income of the borrower will decide whether or not he is eligible to get the loan amount. In Stated Income Loan , most people who have good annual income will choose this loan. A borrower has to mention his income amount in the application form. The best part is that, the income of the borrower mentioned on the application form will never be examined. Folowing are the loans we offer
Rather, the Stated Income Loan banks will check the borrower’s property value and employment details. If the value of their property is high enough and their employment state is permanent, borrowers will be given stated income loans.
If the above said two things are permanent, lenders do not have to examine the income amount – right? This is what they have been doing for these days. The terms and conditions of loan have been changed day to day. You cannot expect for the same terms as last year. Since, that is never going to happen.
You have to update yourself with respect to the bank loan. Explore different choices of loan you have and choose the one, which suits your demands and requirements dearly well. This stated income loans are far better, while comparing to full documentation loan.
Since, full documentation loan demands a borrower to submit his income certificate once after every two years. For this reason, Stated Income Loan people choose this stated income loan the most than other loans.