Stated income loans exist today, but there are now different ways they are offered since the housing market crash. If you are looking for stated income loans in Florida, you must know there are a lot of changes brought in this type of loan. So, qualifying for it might be more complex. The guide here will take you through the entire process.
Are
stated mortgage programs available?
In
2024, freelancers, self-employed borrowers, 1099 workers, and W2 wage earners
will still be able to get stated income loans with larger down payments and
relatively average credit scores. This program will not take a closer look at
your business or job and will not use any income documentation as a
qualification to approve your loan.
But
you must know another program also requires applicants to use their bank
statements as proof of income. Instead of offering tax returns, you will
provide your business and personal bank statements. Here, this type of mortgage
is known as a bank statement loan.
Today's
essential element of the stated income loan program is that the lenders see
larger down payments and steady income flow into their bank account. They will
typically use the last 12 to 24 months of bank statements to access your
average monthly flow.
Herein,
a percentage of the average deposits are used and will be considered to be the
income. If you cannot provide personal bank statements or business bank details
with a steady guarantee, then you still have the option to state your income.
However,
it is crucial to research well about the stated income loans in Florida and
find trusted lenders who can provide you with the required financing within a
short time. Finding the right experts will take a lot of time and research.
Conclusion
Stated income loans in Florida can be an excellent means to get financing, especially for freelancers. However, if you are facing any difficulty or are struggling, consider trusting Private Capital Investors. They have got the best professionals who will make the job easy. The experts will bring the top deals that will make it easy for you to acquire financing quickly and at the correct interest rate.
