Purchasing your own home is an exciting prospect. However, the process can be equally as stressful and even frustrating, as there are countless forms that have to be filled out, documents that you’re responsible for providing and other steps that you must go through to obtain a mortgage. Unfortunately, the process of applying for and receiving a mortgage greatly favours applicants who are able to provide financial documentation from a traditional job. W2s, pay stubs and other documents that relate to standard 9-5 jobs are regularly included in mortgage applications.

However, we understand that not everyone who applies for a mortgage works the same type of job, and therefore they may not have the standard documents on hand. Fortunately, NonQMDirect.com is happy to work with non-traditional applicants to help them get the mortgage they need.

What is a Stated Income Loan?

A stated income loan is a mortgage product that we offer to potential borrowers who don’t have a traditional source of income and therefore can’t provide the type of financial documentation that some lenders require. In addition to expecting you to fill out countless forms, many traditional lenders will also contact your employer to verify your employment status and the amount of money that you make. 

Stated income loans allow applicants to circumvent that entire process, cutting out most of the intrusiveness, the hassle of compiling financial documents, and the time that is required to fill out additional paperwork. In a stated income loan, you will simply state how much money you make, and we will work with you based on that information to avoid the myriad of requirements and forms that our traditional counterparts require. 

Simplified Mortgages for Real Estate Investors

While traditional lenders require to provide proof of income that goes back years with the same employer we understand that doing so isn’t always possible and take a non-traditional approach in making your dream come true.

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Who Benefits from Stated Income Loans?

Borrowers who have an irregular or non-traditional source of income greatly benefit from stated income loans. For instance, if you own your own business, there’s a good chance that your personal earnings aren’t always consistent. If your business has a good month, you may bring home more, while a slower month brings about a cut in personal pay. Traditional lenders may reject a loan based on these income fluctuations.

Stated income loans are also a good option for applicants who have changed jobs multiple times within the last couple of years. Unfortunately, traditional mortgage lenders don’t consider the reason for changing jobs. Instead, they look at multiple job changes and decline a loan. A stated income loan, like the ones offered by NonQMDirect.com, doesn’t operate that way. If you are interested in purchasing a house but don’t have a traditional source of income, have had multiple job changes, or simply value your privacy, a stated income loan may be the best option for you.

Our team of lenders doesn’t take a cookie-cutter approach to mortgage applications as some traditional lending institutions do. Instead, we understand that every loan application is unique, and every applicant has his or her own needs and goals in mind.

If a traditional mortgage lender isn’t right for you, contact us today at NonQMDirect.com.