Hey pal,
One of the parts I hate about availing a loan is the documentation process. There are so many papers that need to be submitted along with the application. I asked a bank representative if no documentation loan existed. The synonym of no document loan is a stated income loan. Take a look below to know everything I learned.
What is a stated income loan ?As the name suggests, the loan application does not require any documents. You just need to mention your monthly income on the mortgage application form. There will be no verification of the borrower’s income in this loan type. The loans depend on the resale capability of the secured house and the repayment structure of the mortgage loan.
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Pro:A stated income loan is advantageous for those people who don't have proper documentation about their income.
The application process is faster than traditional loans.
It is less time-consuming than standard bank loans.
Large amount in savings
High credit score requirement (700+)
Necessary Bank statements
High income each month
Those who are low-risk borrowers
Earlier, you could get no documentation loan from lenders. Though, many lenders have discontinued it now and require verification of documents
.
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Authors Of The Question
What is a stated income loan ?
Dishaa
95Views
2 Year
2022-06-12T17:13:56+00:00 2022-06-12T17:13:58+00:00Comment
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