Apply for a Stated Income Mortgage and Stop Renting Now!

You've been renting the same unit in a nice downtown area. Rent isn’t cheap but the area is nice and it is close to work. Your friends and family keep asking you when you will get a house. Though you never considered buying a house, you think it would be too difficult to apply for a mortgage. You know banks wouldn't approve of your credit history or irregular income situation. Although you make a comfortable living, enough to afford an expensive high-rise apartment, the bank wants to feel confident enough that you can take on a mortgage. What can you do to qualify for a mortgage then? Instead of dealing with banking institutions that most likely won’t approve of your application for a mortgage, consider applying for a Arizona stated income mortgage.

Besides applying for a Arizona stated income mortgage, there are pros and cons of buying house compared to renting. In this article, we discuss the pitfalls of renting vs. buying a home. We will also take a look at how easy it is to apply for a stated income mortgage that will get you in the house you want.

Renting vs. buying a home

Renting is seen as less of a headache when it comes to home responsibilities. If something in your home breaks, you simply call upon property maintenance. You don’t need to do these fixer upper projects on your own. Also if you plan on moving soon or not sure if your residence will be permanent, than renting is a perfect option. When you have a house, it is a much harder and tedious process to move when the circumstances call for it (for instance, relocating for a job).

Renting an apartment works for some, however there are some drawbacks. Renting can get irritating. There are many problems with renting that people don’t often think about or refuse to acknowledge.

A house generally is larger real estate and allows for more room, then an average rental unit. For instance, a house is more convenient when you have a family of four.

Renting is also often seen as throwing your money away or paying someone else to keep a roof over your head. Consequently by buying your house, you are not throwing money away. Every monthly mortgage payment you make eventually means the property will be yours. As an owner, you are then free to do whatever you want with the property – continue to live in it, sell it or rent it out.

Buying a home is a lot easier with a stated income mortgage

There are usually several hoops to jump through before you get to settle into your new home. After you submit your down payment, you are ready to apply for a mortgage. In order to get the best deal possible when it comes to payments, it is best to speak to a qualified loan professional. This is especially true when applying for alternative types of mortgages, like a Arizona stated income mortgage. However applying for a stated income mortgage, the process is often easier than a standard home loan.

When it comes to applying for a stated income mortgage, you simply state the income you are making. If you have a lot of cash upfront for a down payment, your odds of being approved for a stated income loan are even greater. The best advice is to speak to a qualified mortgage loan professional. These specialists will help you qualify for a mortgage and eventually the house you want to own.

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917

www.level4funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120

Phoenix AZ 8502727

How to Finance a Home with a Stated Income Mortgage

When people think of stated income mortgages, they are often confused. An Arizona stated income mortgage is different compared to a traditional mortgage. While a traditional home loan is lent through a local bank, a stated income mortgage is lent through a private lending company. In this post we will take a look at whether a stated income mortgage is right for you and your situation. Additionally, we will discuss how a stated income mortgage works and where to find one.

Are you a candidate for a stated income mortgage?

Take from this situation: You found a home you really want. You have enough money saved for a down payment, but you need to find an institution that will lend you the additional amount of the house. Who do you lend from and more importantly, would you qualify as a borrower?

Well, it depends on your employment status, credit history and other past financial decisions. In a typical qualification process, the borrower must reveal his/her income and current employment. However there may be situations when you may not wish to use your employment status to qualify for a mortgage loan. You may be self-employed, like for instance, a contractor or insurance agent. Due to the ups and downs of income, it is hard for a bank to label you as a “low-risk” borrower. At this point you should look at another type of mortgage, known as a stated income mortgage.

A bank does not lend stated income mortgages. Instead they lend standard or traditional mortgages, which means that in order to be approved you must retain their requirements. A banking institution’s requirements for a home loan vary slightly between banks, but for the most part requirements are the same. For a typical loan it is ideal to have a standard paycheck from an employer, a long-term credit history and a high credit score. If you do not possess the requirements necessary to obtain a loan from the bank, there are other ways in which to get a mortgage.

How does a stated income mortgage work?

The best way to find out how a stated income mortgage works is to speak to private lenders. There are many different types of private lending. Some private lenders are individuals while others are rather large companies. There is really no difference in whether a private lending company is large or small, however it is important that you are comfortable with your lender. Also when searching for a private lender, be aware of the advice you are given and whether they specialize in the area of home loans. Better yet, make sure the company or individual you are dealing with specializes specifically in stated income mortgages.

Where do I find a stated income mortgage?

A company that specializes in stated income mortgages is Level4Funding. Not only do the people at Level4Funding knowledgeable in the area of stated income mortgages, they will help you buy the house you really want. Don’t delay. Call us today at 623-582-4444!

Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027