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Bank statement loans are one way for people — like self-employed individuals or gig workers — to borrow money, but there are other mortgage loan options. Unlike bank statement loans, these ...
If your self-employment income is insufficient to qualify for a mortgage, having a co-signer or a co-borrower can help you qualify for a mortgage or even a larger loan amount. Having either a co ...
A stated income loan is a mortgage where the lender does not verify the borrower's income by looking at their pay stubs, W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word. These loans are sometimes called liar loans or liar's loans. [1]
Residential low doc loans are designed for self-employed borrowers who cannot provide tax returns as evidence of their income. They still require some form of supporting evidence of the borrowers income, typically in the form of BAS statements, although some lenders will accept an accountant's declaration or bank statements.
Many lenders will work with self-employed borrowers to verify their income in alternative ways, which could mean you don’t need to get a no-income verification mortgage — and pay more in the ...
An Alt-A mortgage, short for Alternative A-paper, is a type of U.S. mortgage that, for various reasons, is considered riskier than A-paper, or "prime", and less risky than "subprime," the riskiest category. For these reasons, as well as in some cases their size, Alt-A loans are not eligible for purchase by Fannie Mae or Freddie Mac. [1]
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