If you are looking at purchasing a home but do not want to go through all the hassles of the paperwork, you can apply for a stated income loan in New York. A stated income loan is a form of mortgage loan that does not require a lot of documentation, such as not having to show documented proof of income. This type of loan is considered to be riskier than a normal mortgage loan. With the economy being what it is right now, it has become increasingly more difficult to find a lender who is willing to do a stated income loan in New York. It has only been in that last couple of months that any mortgage lender has considered lending money with a stated income loan, so it may be wise of you to be ready to show proof of income just in case you cannot find a lender who is willing to do this type of loan. This type of loan is mainly for people who have difficult tax schedules or are self-employed. The problem with this type of loan is that most borrowers will overstate their income. This means that they will tell the lender that they make more money than they actually do. This is why this form of loan is also called the liars loan. With a stated income loan in New York you really should tell the truth about how much you make so that you do not get into trouble in the long run. There are two different forms of the stated income loan in New York.
The first type is called the stated income/verified asset loan. This form of loan requires that you state your income however you must verify any assets with a bank statement or another form of documentation. The second type of loan is called the stated income/stated asset loan. This form of loan means that you will only be required to state what your income and assets are since there is no documentation required. Since there is not any required documentation on a stated income loan in New York the lender will have to call your employer to verify employment. A common practice among lenders, once employment is verified, is to base your loan off of what the average is for your job title.
This could mean that if you overstate your income you may not be approved. You can also be denied if you have bad credit. A lender will run your credit to make sure that you have not defaulted on any loans in your past. So if you are interested in looking into a stated income loan in New York you should look to Failla. With this company you are guaranteed to have an agent who can answer all your questions and help you with the process of applying for a stated income loan. This company has been around for over twenty years they are able to handle just about any situation that you may have. So if you are looking at a home in New York let Failla help you with all your house buying needs.