When you apply for a traditional mortgage, you need to provide proof of your income in the exact amount before you can be approved. While this is often straightforward, there are situations where providing this proof may act as a barrier to getting a loan and where a stated income loan can help. With a stated income loan, you simply provide a statement of your income amount, without the need for verification.
Finding a Stated Income Loan
Here are a couple of examples of situations where a stated income loan in Los Angeles would help to facilitate your application process:
- You are transitioning from one job to another. Perhaps for example you have been hired, but there is a gap before your employment formally begins, or there are delays in the HR department processing your paperwork. A stated income loan allows you to get approved for a mortgage and move into your new home in Los Angeles without waiting on HR or your work schedule.
- You are self-employed. Your income may be significantly higher some months and lower on others, and it may also be processed through multiple payment providers, making documentation complicated. With a Los Angeles stated income loan, you can simply state the average amount and move forward with your loan application.
Benefits of Los Angeles Stated Income Loans
You now know one of the major benefits of stated income loans—they can speed up your application process, and may also make it easier for you to qualify for a loan. But there are a couple other advantages too:
- Less paperwork for you. Not only is a stated income loan faster to apply for, but it is also easier. Not having to provide income verification documentation reduces your paperwork, freeing up your time and energy to focus on other aspects of your application process.
- You get to decide what you can afford. When you apply for a traditional mortgage, the lender looks at your income paperwork and decides as to what you can afford. With a stated income loan, you are given more freedom when it comes to interpreting your finances. This is very important in a situation like self employment where the bank may not be able to see the full picture like you can.
Pacshores Mortgage Can Help You Apply for a Stated Income Loan in Los Angeles
Ready to move into your Los Angeles home without waiting on income verification paperwork to process, or without having to explain to traditional lenders how your self-employment income works? With a stated income loan in L.A., you can simply state how much money you make, decide for yourself what you can afford, and enjoy swift approval on a home loan with competitive rates and friendly terms. Call 310-478-5005 today and let us help you apply for a Los Angeles stated income loan.