One Step Ahead
Options for buying a home when you can't prove income.
Ready to buy your dream home but dread the step of the mortgage application process when you document your income? Don't worry. Business owners and self-employed loan-seekers who have trouble documenting their income history can bypass that onerous step of applying for a loan by opting for a stated income, or no-documentation, mortgage, says Ian Patrick, a lending sales manager at Wachovia Securities in Richmond, Virginia.
"Stated income loans enable lenders to qualify you for a loan without needing several years' worth of income tax returns," he explains. "They are popular with business owners who don't want the trouble of pulling paperwork together or whose tax returns may not be the best depiction of their financial situations."
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