Debt Consolidation Credit Counseling In Phoenix

Do you work for yourself, own your own business, or are you a tipped employee? Do you need to refinance or get a mortgage, but you are not sure how you will with the lack of proof for your income? Getting a mortgage can be difficult with no real proof of what you make.

However, you can use what is called no documentation loans to get the morgage you need. This could be the answer you have been waiting for. Here are the types of situations that fit the profile for a no documentation loan.

If you are self employed, then you should know that this program began with you. You will probably be asked to use what is called a stated income mortgage program. This will allow you not to have to prove your income since that can be difficult for the self employed.

You should have no problems getting the mortgage you need with a stated income program. You will not have to prove any income and you will be able to write down a number of what you really make. These programs started specifically for the self employed so don't be afraid to take advantage of them.

If you are one that works for someone else, but are considered an independent contractor, then you can also use the no documentation loans to your advantage. You probably get paid cash, which can make it difficult to prove what you actually make. This would be another great time to use the stated income program.

Plus you will not have to worry about proving where you work or your income. This is one of the best parts about these programs is you do not have to prove much. This can help you get into the home you want or refinance your current mortgage.

One more situation that the no doc loan is great for is tipped employees. These are usually bartenders and servers, but anybody that makes the majority of their money from tips qualifies. This person typically does not claim all their tips and this makes it hard to prove your real income.

The stated income program for mortgages can help out this type of worker as well. They will not have to prove anything. No employment verification or income verification. They just have to write down a number and sign it stating that they make that much each month.

When you use a program like the no documentation loans or the stated income mortgage you are not doing anything that will hurt you. It will have a bit higher interest rate because it is a little more risky for lenders, but that is about it. You should not be afraid to go this route if you fit the above situations.