| A stated income or no doc mortgage loan allows | | | | However, you also need to factor in fees when |
| individuals with difficult to document income to | | | | comparing lenders. Fees often hide the true cost |
| buy a home. With a documented credit score and | | | | of a mortgage loan. |
| reasonably stated income, you can qualify for a | | | | To quickly find lenders, use a mortgage lender |
| mortgage at a slightly higher rate. Online mortgage | | | | website to request basic quotes. By providing the |
| lenders allow you to easily compare rates on | | | | loan amount and your estimated income, lenders |
| stated income mortgage loans, guaranteeing that | | | | will give you a generic mortgage quote. Online |
| you get the best rate. | | | | mortgage lenders allow quick shopping from the |
| Getting Started | | | | convenience of your home. |
| To apply for a stated income or no | | | | Getting An Approved Loan |
| documentation mortgage loan you will need to | | | | Once you have found a mortgage lender, you |
| provide necessary paperwork verifying your | | | | have two options. You can apply to be |
| credit score and employment. You must provide | | | | pre-approved for your stated income mortgage |
| your social security number since your credit | | | | loan or you can find your house and then apply |
| worthiness is based almost entirely on your credit | | | | for a loan. Pre-approved borrowers increase the |
| score. Typical stated income loans will require a | | | | chance that their offer will be accepted when |
| credit score of at least 680, but some lenders will | | | | buying a home. |
| offer loans for scores as low as 580. | | | | When you are ready to apply for your mortgage |
| You will also need to prove you are employed - | | | | loan, you can complete your application online by |
| self-employed individuals qualify. You will need to | | | | entering your personal information over a secure |
| disclose your income, which must be reasonable in | | | | server. Final paperwork will be mailed out to you |
| your profession. | | | | to review and sign. Once notarized, you send the |
| Finding Mortgage Lenders | | | | forms back to the lender for their final approval. |
| Just like with any type of mortgage loan, it pays | | | | To view our list of recommended mortgage |
| to compare lenders' rates and fees. Even a | | | | lenders who have stated income loan programs |
| quarter of a percent difference can save you | | | | online. |
| thousands over the life of your mortgage. | | | | |