Did you know that if you are self-employed or earn money through commissions or tips, your earnings won’t be considered income when you apply for a traditional bank loan? But now, there is an alternative! A low-doc mortgage loan (or stated income mortgage loan), takes all your earnings into account, whether they come in the form of cash or a conventional paycheck.

Are you are a retiree living off investments? Is your life in flux because of divorce, death of a spouse, or a career change? You also may be finding it tricky providing the necessary documents a bank loan requires. With a low-doc loan (or stated income mortgage loan), disclosure of such documents is minimal, simplifying the loan process.

To be approved for a low-doc mortgage loan, a borrower discloses annual earnings (for the last two years, sometimes more), and instead of verifying their income with pay stubs and W2 forms, they can use tax returns, bank statements or possibly profit-and-loss statements. A list of debts is usually required for approval as well. Interest rates will then depend on income stability, debt-to-income ratio, credit score, size of the down payment and appraised value of the property.

Get answers to most commonly asked questions about getting a low-doc mortgage loan.

Find out if a low-doc mortgage loan is right for you! Chat live with one of our mortgage loan specialists, call us at 1-866-878-2265, or fill out our fast, obligation-free request form today.

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