Stated Income and No Documentation "No Doc" Loans

When I entered the field of mortgage lending in 1992, there was only one

adjustable rate mortgage program

offered by a well know savings & loan that didn't require

income documentation

- the applicants

STATED their INCOME

to the loan officer and that allowed them to qualify.

WOW, has this industry grown! Seemingly every category of loan programs now has pricing options to include "Stated Income." That doesn't mean "fabricated job," it simply means that income verification isn't necessary, but verbal or written employment verification is required to qualify for the loan.

The usage of Fair Isaac credit risk scoring has gained tremendous underwriting credibility. Because of (FICO) risk scoring's success in predicting the probability of a borrower defaulting on a mortgage, most loan programs now accommodate ways to qualify without submitting tax returns, W2s, pay stubs, etc. If constructed and submitted correctly to underwriting, a loan application can result in approval just by "stating" a borrowers income. Most loan programs will accommodate this technique with certain adjustments to rates and fees.

With the underwriting emphasis now placed on equity, reserves & credit profiles, we have been able to accomplish dramatic improvements in providing a wide array of loan programs to our clients. The most obvious example would now be the borrower's ability to qualify for great 30-year fixed rates whereas in the past, only adjustable rates were available Even more recently, for the type of borrower who could likely benefit the most, those with moderate credit blemishes, the industry has now combined its STATED INCOME guidelines with its INTEREST ONLY guidelines to offer loan programs that now make a dramatic difference on a family's finances. Now these folks who need a fresh start and payment relief the most, are getting far better loans than would have been offered previously.

Whether you're self-employed, run a small "S" Corp, a cash business, in commissioned sales, salary plus bonus or otherwise, One Touch Lending has the new Stated Income Loan Program that fits your needs. We have seen it ALL over the years, but we know that your specific situation is just slightly different than any other and therefore deserves special attention. We are delighted to help, so please give us a call!