We all want to have a wonderful dream home someday soon. When we look for the homes of our dreams there is a price to pay. Most of us would have that kind of dough while some of us wouldn’t, then what? Well we have home loans, but with home loans come a lot of paper work and hence we get de-motivated looking for one. Dreams go down the drains and we content ourselves paying high rents. Well that shouldn’t be the case anymore especially when you have stated income home loans now at your service to help realize your dreams of being a future homeowner and soon. This is a reality and no joke, you can now avail of a home loan without running around to provide all the so called important paperwork which is otherwise necessary with other loan types but not when you try for a stated income home loans scheme. Here you would be allowed to declare your income and not have to provide appropriate papers to show the income earning proof for the same.

If you ask us if this loan is good for those who have difficulty in showing their regular income proof because they are self employed or even if their schedules for taxes are tough, then the answer is yes the stated income home loans is the type that would suit you the best. Well it has also been seen that the borrowers have overstated their income and declared more than they actually earn to avail a larger amount and hence most call the stated income home loans even as liar loans, for reasons no explanation needed.

Industry experts say that there are two types of stated income home loans please read on to know more about them;

The first type of stated income home loans would be the “SIVA” or the stated income verified asset types. Here the income needs to be stated and a verification of assets is done with the help of statements from the banks on your accounts or even through other sources of income documentation. The second type of stated income home loans would be the “SISA” or the stated income stated asset loan types, where both the assets and income held and declared by you needs to be stated.

However, sources say that prior to approval of the stated income home loans it is important that the employer you work with gets verified by the lender who decides to work with you on this type of a loan scheme. The lender may also provide the loan to you on the basis of the average income you earn for your job position and title in particular. So if you are caught overstating what your income earning level and potential is then you would not get an approval for the stated income home loans scheme.

A credit check is also run for the potential borrower to make sure that you are not a defaulter for loans that you may have taken in the past and for the safety of the stated income home loans that you are applying for now. Well the disadvantage to the stated income home loans would then be that the rate of interest is high in comparison to what a traditional home loan would ask for, because of the risks being high. So do your research online on stated income home loans before jumping the gun for one.

You may need these TOP 3 Home Loan Guides:

1. The Ultimate Loan Modification Guidebook
2. Loan Modification Made Simple
3. Home Equity Borrowing