[F1 News:] Stated Income Home Loans

Posted on Aug 7, 2012 in Stated Income Loans

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apply for fha mortgage loan
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Question by : where is the best place online to apply for a fha mortgage loan?
I am moving due to a job placement in october and need to find a place to live. Anyone know of a good place to apply online for a fha loan. Please only recommend places you have personally used and have a good experience with

Best answer:

Answer by glenn
An internet loan application works well if #1 they are honest and experienced and #2 if no issue or problem develops at all on your loan.

You are much better off if you get an experienced, sildenafil local loan officer. Most of your communication will still be online but in case of a serious issue you can get face to face.

Know better? Leave your own answer in the comments!

Stated Income Home Loans

If you are looking to get a loan without the hassle of providing all of the paperwork necessary, information pills then you can apply for a stated income home loan. These loans permit borrowers to state their income instead of providing the appropriate proof of income.

These loans are intended for people who have difficult tax schedules or self-employed. However, here it is a common practice for borrowers to “overstate” their income. This is why that these type of loans are sometimes called “liar’s loans.”

The first type is stated income/verified asset (SIVA) loan. This type of loan allows you to state your income, but requires you to verify your assets through a bank statement or other documentation. The second type of loan is a stated income/stated asset (SISA) loan. In this type of loan you can state both your income and your assets.

Before being approved for a stated income loan your lender will verify your employment with your employer.

Another common practice among lenders is to give you a loan based off of the average income for your particular job title. This means that if you over state your income they will not approve your loan. Lenders will also run credit checks on potential borrowers to ensure that they haven’t defaulted on loans in the past.

The downside to these types of loans is the interest rates are usually higher than traditional loans. This is because these loans are higher risk loans than traditional loans. A good thing to do before getting a stated income loan is to look online for different lenders. Doing your research online can ensure that you get the best rates available.

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