The common man has always faced problem while trying to mortgage a property due to a lot of paperwork, verification and other clauses. Although it’s fair on the part of the lending company that they do a decent verification of theborrowing party before they release any cash, yet, the long waiting period, the uncertainly till the end of getting the loan, and the high down payment in case of real estate mortgaging had always brought much lag and tension to the common man. However much of the hurdle has been overcome now with the fair and decent verification and lending policies of the newcomer companies in the real estate mortgage segment.
The mortgage hurdle in the past and the favorable present
With tax return papers, valid income pay slips, and all business documents it has always been easy to prove the source and amount of income. Thus people with these documents never have to face the documentation hurdles at the most. The next steps are verification at office, residence, business office etc, and of course of the credit score and other records. Once again the process always got lengthy here. However men with papers alright still got their mortgages done.
But it was always a pain for the self employed or small business owners, who barely have all documents and income tax papers ready. Even if they needed a mortgage instantly, they never had luck enough. However, things have totally come in favor of the self employed and people with no documents of income and tax. Stated income loans program has giving the opportunity to get approve for a mortgage easier than ever even if one has no income history or no tax return filed.
The best part of the no income mortgage program
With the no income verification mortgage plans, you do not need to have the following to be approve for a loan:
- A stable income
- Proper documents of income
- Income tax return papers
- 30% down payment funds compulsorily- it can be arranged with as low as 10 also from your own and 10% more from another helping hand
- Attend any lengthy or strict verification
This makes the mortgaging under the stated mortgage scheme extremely easy and a great advantage for the common mans who are self employed.
To make the most of the scheme, in case you are planning to invest in some property which will not be used by the owner for staying and rather a rental or business, you should contact trustworthy stated income mortgage lenders like QKmortgage.com.
