Private Loan Mortgage

Stated Income Refinance Mortgage For the Business Owner

stated income refinance

Are you struggling to get refinanced because you own a business and have difficulty establishing your income? Maybe you are trying to refinance so you can use the money out to grow your business. If this is the case, then you actually need the money and you must be in a position this with a stated income refinance mortgage. Here is what you must know.

This sort of loan was built for home entrepreneurs. Mortgage corporations came to the understanding that they could not force a businessman to try to prove what they actually make because it is extraordinarily tricky to do so. This is what lead them introduce stated revenue programs.

The stated income refinance program essentially works with no revenue documents. You may not need your tax forms or anything establishing your revenue. Just write on a piece of paper how much you make and sign it. That is all they are going to need and that’s what they are going to go off of.

Now you’ll need to have a pretty strong credit score to make this program work for you. This is a credit history of over 650 will sometimes get you done. The higher the better because you’ll get a better mortgage with a higher credit score.

Expect your rate to be a bit higher than a standard mortgage, but it may not be drastic. You need to also know that this mortgage is mostly a bit quicker because there is not messing around with documents. You just get your credit pulled, qualify, have an appraisal done, and sign the papers. It can be done within about 10 days.

The stated income refinance mortgage will often be the only way you will get what you want out of a mortgage if you are a businessman or work for cash. Use it to your advantage and ensure you get a good deal.

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