If you have decided to purchase a home and you do not want to deal with all of the paperwork hassles, you should start looking into stated income loans in New York. With the stated income loans there is not a lot of paperwork as this loan is based on trust. Stated income means that you will only be asked what your income is you will not have to have documented proof to back this up. As the economy is getting worse it is becoming harder to find a lender who will consider stated income loans in New York. However in the last couple of months the economy is finally starting to recover a little and more lenders are starting to consider these types of loans again. Finding lenders is still hard and it may be wise of you to have documented proof of your income, this way you are prepared if you can not find a lender who will do these types of loans. The stated income loans in New York are primarily for people who are self employed.
The biggest problem with this type of loan is that people have a tendency to lie about their income. It is never smart to lie to a lender about what your income is as this will be a sure denial of your application. Many lenders consider this type of loan to be the liar’s loan and do not like lending money on this these types of loans. When you are applying for stated income loans in New York you should which type of loan you are looking for. The stated income loan is available in two different forms. The first form of loan is the stated income/stated asset loan. With this loan you are telling the lender what you income and assets are and are not required to have proof. The second form of this loan is the stated income/verified asset. With this type of loan you will tell your lender what your income is and have documented proof of what you are assets are.
When you are applying for stated income loans in New York the lender will call your employer to verify your employment status. The one downside to this type of loan is that most lenders will base what they are willing to lend off of what the average income level is for your job title. If you make more than what the average is you will have submitted no documented proof to prove otherwise. However you can still be approved if what you actually make differs from what the average is. So if you have decided to buy a home and are interested in the stated income loans in New York you should go to Failla. The lenders at this company have more that twenty years in experience and are sure to be able to help you with the type of loan you are looking for and ensure that you get the best terms possible for this type of loan.