Your Local Authority on Mortgage Solutions
At Loans By Maz, we are your trusted experts in the region for all your mortgage needs. With a deep understanding of the local market and years of industry experience, we pride ourselves on providing tailored solutions to meet your unique financial goals.
How Can You Qualify?
Large Amount in Savings: To mitigate risk, stated income loans often require borrowers to demonstrate a substantial amount in savings, providing reassurance to mortgage lenders.
High Credit Score Requirement (700+): A high credit score is typically required for stated-income loans, indicating a strong financial profile and reducing lender risk.
Bank Statements Needed: Detailed bank statements may be requested to verify financial stability and support the stated income provided by the borrower.
High Level of Income: While income verification is not required, borrowers are expected to have a sufficient income level to support the loan amount requested.
Do Stated Income Loans Make Sense for You?
Stated income loans can be advantageous for various scenarios. Many borrowers utilize these loans to finance additional rental properties or renovate properties for resale. Others leverage stated income loans as a temporary solution to seize investment opportunities while preserving liquidity for future ventures.
Are Stated Income Loans Available?
While stated income loans, also known as no-doc mortgages, were prevalent in the past, they played a significant role in the housing downturn and subsequently became obsolete. Lenders discontinued these loans due to the associated risks, signaling a shift towards more stringent lending practices.
At Loans By Maz, we understand the complexities of mortgage financing and are committed to guiding you through every step of the process. Whether you're exploring traditional mortgages or alternative solutions like stated income loans, trust us to provide expert advice and personalized assistance tailored to your needs. Let us help you navigate the mortgage landscape and secure the right loan for your financial future.
