Stated Income Home Equity Loans

See No Doc Loan Programs and Stated Income HELOCs Just Announced

Compare stated income loan processing streamlined with reduced documentation equity loans for self-employed borrowers seeking cash with less paperwork. Limited and no doc home loans place more of an underwriting emphasis on credit score rather than income documentation. Many people who own their own business enjoy financing with the least amount of paperwork as possible. Self-employed home loans and credit lines are in high demand because less income documentation is required. Discuss the eligibility requirements on "stated home loans" with one of our lending representatives today. When shopping no doc loans online there is no obligation and no application fee.

We will introduce you to the brokers and lenders that offer competitively priced stated income loans for mortgage refinancing, cash out, equity credit lines and even purchasing a second home. Find out if you meet the requirements for any of the latest stated income or no doc mortgage loan programs as underwriting standards and credit guidelines have been eased. This means that even if you were turned down in the past, you may qualify for an attractive stated income HELOC or fixed term equity loan that takes less time to process without having to pay more to qualify.

Uncover New Opportunities with Stated Loan Programs for Refinancing, Cash Out and More

The streamline refinance program is the easiest way to get approved for a stated income home loan, but you must already have a VA or FHA mortgage. As you probably already are aware, self-employed home loans can be complex, so it's imperative that you work with a lender who up to speed on no income mortgages. Many of our participating agents offer competitive interest rates on stated income loan programs, but no doc loan guidelines have changed frequently so discuss your eligibility with a lender today. We pride ourselves in helping you find companies that provide attractive stated income mortgage programs without charging you excessive fees and pre-payment penalties. If you want to talk to a lending company before having them run your credit report, If you want to talk to a lending company before having them run your credit report, then request a no-hassle loan quote and then take some time to think about it.

Stated Income Home Loans
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No Income Home Equity Lines (See lender)
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No Mortgage Insurance Required with home equity lines and fixed rate loans
Many Stated & No Doc Loan Programs Are On Hold
(check with a loan officer for availability and current eligibility requirements)

Stated Income Loans Reemerging with Tougher Guidelines on HELOCS and Home Equity Loans This Year

A conventional mortgage loan is one that requires full documentation including a list of all creditors, last two or three paycheck stubs, W-2s and tax returns for the past two years, bank statements going back two months, and legal documents in case of bankruptcy or family issues like a divorce, which is why they're called "full-doc" loans.

stated income home loans

Stated loans are one of several "low-doc" or "no-doc" loans which means that little or no documentation is required to be approved for the mortgage loan. But, even though W-2s and pay stubs are not required to prove income, the borrower must disclose annual income which generally includes the provision of bank statements, bookkeeping records, profit and loss statements or other financial documents and tax returns for the past two years or more. And, they must provide a list of assets and debts, so the lender can assess the debt-to-income ratio.

You will likely hear loan officers refer to no doc and stated income loans as no longer available. In most instances, this is true, but there are a few alternative mortgage programs being rolled out that include a stated income HELOC and a no doc mortgage, but there are key requirements that must be met.

What are the rates on second mortgage options for people seeking reduced doc loans?

Other popular low-doc/no-doc loans include:

  • "No-ratio" loans, which means the borrower provides a list of assets such as bank account balances, stocks and bonds, real estate, and business ownership(s), but the lender does not compute the debt-to-income ratio; and
  • "No-income, no-asset" (NINA) loans --all that's needed for this loan is an excellent credit history and a property appraisal. The better your credit score, the less documentation the lender needs.

Low-doc/no-doc loan programs are used for purchase loans, fixed rate home equity loans and home equity credit lines (HELOCs), but no stated income for mortgages above 100%. Typically, there is more equity required on no doc loans. Whether you are looking for a stated income loan in California, New York, or any of the other 48 states, we can help.

Because lenders assume a great risk with low-doc/no-doc loans, there are higher FICO score requirements for these programs. Borrowers typically have to have good or great scores--typically FICO scores over 700 - 800 are needed. Interest rates are also generally higher for these loans, which can range anywhere from a half to three points higher than the par rate for a conventional mortgage. No doc equity loans are popular among people with irregular incomes who work on commission and the self-employed because the provide borrowers with quick access to money without requiring mounds of paperwork that most banks and credit unions require. Are you searching for house loans with no credit scores? Did you know that no credit is viewed differently than bad credit? Talk to the financing pros that can answer your tough questions.

As a result of the sub-prime market melt-down and rising default rates, more mortgage lenders will be requiring asset verification. As it stands now, borrowers must have good residual income, a debt to Income ratio below 45%, consistent employment history for a minimum of 2 years, and no late payments reported on your credit report for the last 2 years. Requirements may become more stringent soon if default rates continue to rise and the government starts tightly regulating these loans. If you are a first-time home buyer with bad credit, FHA or a private broker are great first steps to find the path to homeownership.

Before applying for low-doc/no-doc home equity loan or stated-income HELOC, "talk to a qualified mortgage banker and give him/her all your information first," says Brian Pawsat of Prosperity Mortgage in Suburban Washington, D.C. "Most people who ask for one doesn't need it. A good loan officer can help you work through and document what you think is documentable."

Please note that "stated income" home loan programs and no doc mortgage loans are subject to change without notice.

 

Resource Tools

Loan Comparison Calculator
These calculators are popular because they help consumers compare the total mortgage interest charges of four types of loans. If you are considering borrowing against your home, we strongly suggest calculating all of the proposed payment options in an effort to determine your affordability.

Faster Processing and More Privacy - Most people hate dealing with the loan process because historically it is very time consuming while it can also be costly. Most consumers don't like the idea of people reviewing and scrutinizing their financial documentation as well. These are a few of the reason why stated income and reduce documentation loans have become so popular in the 21st century.

Stated Loan
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Refinance News

Mortgage Refinance News

Take advantage of our Blog so you can make the best financing decisions. Read the latest articles on underwater refinancing, stated loans and home equity financing.

No Income Mortgage Loans
The fact is that stated income home loans are easier to process and that eliminates the stress for most borrowers.

Home Equity Mortgage Loan Programs - There are several methods for homeowners to receive money back in a loan.

Learn more about which loans people are having the biggest obstacles with this year.

Stated Loan Programs Making a Comeback?
It is true that most conventional lending companies are staying away from stated loans, but there are lenders that still provide a path for cash refinancing for eligible borrowers.

Learn about the Flexibility of a Home Equity Line with Bad Credit

Refinance with No Documentation

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Please be aware that this is not an advertisement for credit. Nothing on this site contains an offer to make a specific home loan for any purpose with any specific terms. This is a web-site and no loans can be guaranteed as loans and rates are subject to change. BDNationwideMortgage.com does not make loans or extend approvals on stated loans. BD Nationwide was affiliated with national lenders and a federally chartered bank located in Maryland licensed to offer home loans in all 50 states.

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