New York Mortgage Company

Archive for the ‘No Income or Stated Income’ Category

No income loans are loans in which the income is not disclosed. In a no income loan the employment is not verified either. In order to qualify for a no income loan your credit must be fairly strong and show good assets. This type of loan is good for someone who does not work, like a house wife who does not work and who’s husband has bad credit, for example. This couple can use the benefit of her credit score and the benefit of the joint assets to qualify for a lower rate loan.

Stated income loans are also loans in which the income is not verified but it is stated on the application and your employment is verified. Stated income basically means that the income amount is put down on the application, a high enough income amount to make the loan qualify, but the amount is never verified. This type loan is for someone who works but does not earn enough income to qualify if it were verified. Rates on Stated Income loans are better then rates on No Income loans because on a stated income loan they are at least verifying that you do have a job. For more information on how rates work, see our Mortgage Rates section.