| If you are self employed or contracted out you | | | | different investors, it is important that you have a |
| have probably found it difficult to get a loan | | | | good credit rating for the loans. Your rating will |
| approved. People who work for themselves often | | | | determine if you get your loan application |
| don't keep accurate and detailed records about | | | | approved or not. People who have lower scores |
| their income and their own salary. For this reason | | | | shouldn't bother applying for these loans because |
| many self employed individuals get rejected when | | | | most lenders are not willing to take the risk. |
| they apply for traditional mortgage loans. The | | | | Given the recent housing crisis that occurred, a lot |
| stated income mortgages are beneficial to these | | | | of lenders lost money on the stated income |
| people because they offer a solution to this | | | | mortgages. Because these loans attracted a lot of |
| problem. | | | | lower income individuals, many of them defaulted |
| One of the reasons why the stated income loan | | | | on their loans once the economy went sour. |
| is so attractive is that you don't have to prove | | | | Anyone who is interested in applying for a stated |
| your income in the loan documentation. In order | | | | income loan needs to make sure that they do |
| to get your loan application approved all you need | | | | their research and find a loan that can work for |
| to do is show a couple years worth of tax | | | | them. A comprehensive search online for different |
| receipts and have a good credit rating. | | | | stated mortgage lenders will ensure that you find |
| Because these loans are extremely risky to | | | | something that can work for you loan. |