Stated Income Loans Georgia is the appropriate funding option that has structured for the real-estate investors or self-employed borrowers and help them to purchase an investment property and grow their real-estate business plan without any hassle. It is the perfect funding option that boosts their financial condition and helps the real-estate investor to buy a non-occupant property and qualify for a loan without fully documenting their income or providing tax returns.
As this stated income loan does need any income documentation, income verification or demand to show any bank statements, it has become popular among the self-employed borrowers. Because due to their variable income, they are not able to produce any income documentation to get any type of bank loan for their financial needs. That’ why the self-employed borrowers always search these types of loans, in which they will get qualify for a loan without fully documenting their income or providing tax returns. Therefore they select lenders who will underwrite mortgages based on the expected income from the property. Another bonus part of this Stated Income Loans Georgia is it comes with a 30-year term and offers the financial solution to the clients and helps them improve their cash flow.
In the early 2000s, stated income loans were home loans in which the lenders just needed a borrower’s stated income to provide loans. Unfortunately, these risky loan types were one of the factors to the 2008 housing market crash, and banks stopped issuing stated income loans. But the 2010 Dodd-Frank Act transformed this loan product for the better. Now though stated income loans don’t exist for owner-occupied properties but it is still available for borrowers looking to purchase an investment property. This funding process helps self-employed borrowers like real estate investors, house flippers, wanna-be landlords, and self-employed borrowers who are looking to purchase a non-occupant property and want to avoid income documentation or verification as their income is subject to change. According to this new Act during the funding process lenders require very little documentation and no income verification for stated income loans. This loan program is most helpful for borrowers who receive their income from many sources and help them achieve their business targets and paint a better financial picture for lenders. Stated Income Loans Georgia also offers favourable interest rates for its clients.
The best use of Stated Income Loans Georgia:
Many real estate investors and self- employed borrowers use this Stated Income Loans Georgia to buy another rental property to improve their real-estate business or they’re flipping a property to sell but need financial support to renovate their flip.
Apart from that, some borrowers use stated income loans as they want a large amount advance at the end of the year and don’t want to pass up an investment property. They use these funds and keep a part of their own capital to use for other future investments.
Best Stated Income Loans Georgia offered by The Lending of America can not only offer you the best funding solution but enhance your business career and helps real estate investors to focus on their business growth plans.]