If you are self-employed, a 1099 employee, or have other difficulties in being able to prove your income, then a Stated Income or a No-Documentation loan was meant for you.
With a Stated Income loan, we can simply "state"
the income on your loan application in order to get you approved for a
loan. Most self-employed people fit this program well because of
the higher number of tax write-offs on their Schedule C. Since we have
to use the Net Income after writeoff's, which can even show a loss, as the
amount made in a year, It is easy to understand that this just
doesn't accurately representthe person's actual income. This option
is not restricted to the self-employed borrower. It is available for mostly
everyone whose majority of income does not come from fixed income
sources.
A No-Doc loan is perfect for many people such as Musicians,
Artists, or anyone else who would have a difficult time proving their
employment, income, or assets.
