No Documentation Loans - The Option for the Tipped Workers
Do you work for yourself, own your own business, or are you a tipped employee? Do you need to refinance or get a mortgage, but you are not sure how you will with the lack of proof for your income? Getting a mortgage can be difficult with no real proof of what you make.
However, you can use what is called no documentation loans to get the morgage you need. This could be the answer you have been waiting for. Here are the types of situations that fit the profile for a no documentation loan.
If you are self employed and you do not claim all of your income for whatever reason, then a mortgage that does not make you prove your income is perfect. This is usually called a stated income program. You will basically say you make a certain amount and the mortgage company will not verify the information with paycheck stubs or W-2 forms.
This should present on issues and getting the mortgage should be pretty easy. You will not have to gather together bank statements or any other proof of your income. Just write down a number and sign it saying that is what you make.
Another type of worker that could use a no documentation loan is the independent contractor. This person gets paid cash mostly and it can be very hard to prove income in this situation. This is another time where the stated income program works wonders.
You will not have to prove your income or where you work with this program. It is very similar to being self employed, but not quite the same. This will allow you to refinance if you need to or purchase a home if that is what you are attempting to do.
The last type of person is one that it is almost always necessary to use a no documentation loan to get a mortgage for. This is the tipped employee. This includes servers, bartenders, and anybody else that make the largest portion of their money for tips. Because you probably do not claim all your tips it will be difficult for you to get the mortgage you are after.
The stated income program for mortgages can help out this type of worker as well. They will not have to prove anything. No employment verification or income verification. They just have to write down a number and sign it stating that they make that much each month.
Using a state program is not a bad thing. It will have a bit higher rate and will be a little more risky for the mortgage company, but the no documentation loans may be your only option. If this is the case do not be afraid to go this route as it is still a mortgage, but it is designed for these special situations.
However, you can use what is called no documentation loans to get the morgage you need. This could be the answer you have been waiting for. Here are the types of situations that fit the profile for a no documentation loan.
If you are self employed and you do not claim all of your income for whatever reason, then a mortgage that does not make you prove your income is perfect. This is usually called a stated income program. You will basically say you make a certain amount and the mortgage company will not verify the information with paycheck stubs or W-2 forms.
This should present on issues and getting the mortgage should be pretty easy. You will not have to gather together bank statements or any other proof of your income. Just write down a number and sign it saying that is what you make.
Another type of worker that could use a no documentation loan is the independent contractor. This person gets paid cash mostly and it can be very hard to prove income in this situation. This is another time where the stated income program works wonders.
You will not have to prove your income or where you work with this program. It is very similar to being self employed, but not quite the same. This will allow you to refinance if you need to or purchase a home if that is what you are attempting to do.
The last type of person is one that it is almost always necessary to use a no documentation loan to get a mortgage for. This is the tipped employee. This includes servers, bartenders, and anybody else that make the largest portion of their money for tips. Because you probably do not claim all your tips it will be difficult for you to get the mortgage you are after.
The stated income program for mortgages can help out this type of worker as well. They will not have to prove anything. No employment verification or income verification. They just have to write down a number and sign it stating that they make that much each month.
Using a state program is not a bad thing. It will have a bit higher rate and will be a little more risky for the mortgage company, but the no documentation loans may be your only option. If this is the case do not be afraid to go this route as it is still a mortgage, but it is designed for these special situations.
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