So are you looking for stated income home loans 2017? For people who have a job or own a business, it is not an easy job to prove to loan providers that they have a steady income which can be trusted. This is where stated income home loans come into play and help people in this regard. If you want your income to be stated in the loan application, this is the way. Of course you’re going to need some proof and provide lenders with them, these proofs include several tax returns and your bank statement of the recent years.
When something sounds too easy, there are always some abuses done by people who want to take advantage of this easiness. It has been the same with stated income home loans as well and since there have been some abuse before, being accepted for one is not an easy job anymore. There have been some conditions and restrictions set to be approved for this type of home loan.
Long time ago before the housing crisis, this type of loans used to be offered to people who didn’t have a good credit rating and weren’t even qualified for normal home loans. The lenders who offered people with bad credit history these type of loans, suffered a lot of loss. So by now you know for sure that if you want to be qualified for a stated income home loan, you need to have a good credit rating.
Since the amount of the risk is quite high for a lender when offering people this type of loan, they need people to have a good credit rating to qualify for this type of loan. Of course we cannot expect anything else from these lenders since it’s going to be extremely risky if they offer this loan to people with bad credit rating. So if you have missed some of your payments in the past , you won’t probably be qualified for a stated income home loan. So the first thing you should do is to improve your credit rating. There are a lot of ways to do so and you can learn about them easily just by searching for it on the Internet.
Of course the level of difficulty by which stated income home loans are offered to people is not the same between different lenders. So do your homework and search for different well known lenders and learn about their terms and conditions. Who knows, you might even be able to get one of these precious loans with your not so good credit history. I hope this article provided you useful information about stated income home loans 2017.