Limited documentation can mean a wide variety of things when it comes to applying for a mortgage. Today, if you are applying with one of the smaller lenders that tend to keep some of their mortgages on their books, you could be talking about a loan that is very similar to the stated income or […]
Why Interest Rates are Higher on Alternative Documentation Loans
Alternative documentation loans are making a comeback through non-traditional lenders. These are the lenders that keep the loans they fund on their books rather than selling them on the secondary market. These lenders can make up their own requirements and not have to deal with the Qualified Mortgage guidelines. They still have to pay attention […]
The Top Ways to Get a Stated Asset Loan
A stated asset loan, similar to a stated income loan, gives you a little flexibility in your qualification requirements if you do not have a straightforward salaried job that allows you to easily verify your documents. While many people assume this loan is no longer in existence, many lenders are bringing it back. You will […]
Are the Interest Rates on Stated Asset Loans Through the Roof?
It’s a common misconception to think that the interest rates on stated asset loans are unaffordable. This came about even before the housing crisis. Any lender that was willing to stick their neck out for a “risky” loan was known to charge high interest rates. Then the housing crisis occurred and the regulations were […]
Jumping Through Hoops to Secure Stated Asset Loans
Stated asset loans used to be a thing of the past. Once the housing crisis occurred, every lender clammed up and only offered straightforward, fully verified loans. This is understandable given the amount of foreclosures and defaults banks went through after providing loans to people that they really had no idea if they could afford […]
Stated Income Mortgages – Are They Still Available?
Stated Income Mortgages – Are They Still Available? Stated income mortgages quickly became a thing of the past after the Housing Crisis of 2008. Lenders were no longer accepting the “smoke and mirrors” type lending where borrowers said they made a certain amount of money, when in reality they did not and could not afford […]