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Stated & No Doc
Stated Income Loans and No Doc Loans refer to
a group of lending products
that require limited or no income documentation during the financing
process.
Stated Income Loans usually require some proof of an Entity that
generates
income for a borrower. For example, if a borrower has a
business license or
a Certified Public Accountant letter proving 2 years of Self
Employment they
will be eligible to State their monthly income on their application
(when
credit eligible to do so). No tax returns or any other proof
of income
would be required during the underwriting process.
No Doc refers to loans that do not require ANY income documentation
OR
disclosure of income on the application. These programs
usually require
exceptional credit history depending on whether a customer is
seeking a loan
for 80%, 90% or 100% of a property's value.
In today's lending environment there are a number of products that
are
available that do not require income documentation. Basically,
the lender
is making a loan based on the consumer's credit profile and
available equity
in their home. Rates tend to be slightly higher on this
product for the
added feature of not having to provide proof of income.
As one of the largest originators of "Alt A" and Subprime loans in
the U.S.,
Liberty National Funding has a wide range of products available with
this
feature.
Contact us..
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