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Bad credit loans - if you did not know bad credit could be rescued
One financial mistake and you are down in dumps. It is under no circumstances a very choicest place to be. But only when you hit the rock bottom you realize that there is no way, except the way up. "Way up" not only sounds good, it is good. In the...
Bridge Loans: Everything You Wanted To Know
As the name implies, bridge loans fulfill a vital need for active developers by giving life to a new project in the months before lenders feel confident enough to make available a construction loan, or a repositioning loan in the case of an existing...
Getting the Best Loans UK with Bad Credit
Sometimes it might seem as though finding good loans UK is nearly impossible for those who have bad credit. Having bad credit can make life difficult in many ways, and almost certainly makes it more expensive… without being able to get decent loans...
Grants, Loans, "Free" Credit Cards And Credit Repair: The Whole Truth And Nothing But The Truth
You got creditors calling you everyday. You could lose the car or house. Your teetering on the edge financial ruin - then you see an ad that may safe your butt! Typical headlines say something like "Millionaire reveals Hidden Cash Sources, or help...
Home Loans – Lenders Continue to Offer High-Risk Loans
Home prices in the Untied States continue to soar, and the remarkable run of real estate as the “must have” investment continues. The median price of a new home, which only recently crossed the $200,000 barrier, is now $215,000. The high prices of...
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Stated Income and No Doc loans
Lenders are interested in mainly 3 things – the borrowers’ income, employment and assets. If the borrower can document those items and the lender can verify them, the loan is considered relatively low risk. This type of full documentation loan is the standard for most borrowers.
The stated income or no doc (no documentation) loan was initially designed for people who are self-employed and have difficulty documenting their income. If you are unable to or do not wish to document either income, employment or assets, then a stated income or no doc loan is the way to go.
Here are some types of these loans requiring reduced documentation:
1) Stated Income, Verified Assets (SIVA) – income is stated only, assets are stated and verified
2) Stated Income, Stated Assets (SISA) – income and assets are stated only and not verified
3) No Ratio – we have heard of two types of no ratio: one with income and
assets stated and verified, and the other with no income stated or verified.
4) No Income, No Assets (NINA) – no income or asset information is stated or verified. Loan approval is based on credit score and down payment. Some lenders do require proof of employment while some do not.
5) No Income, No Employment, No Assets – this is considered a “true no doc” where no income, employment or asset information is stated or verified.
To learn more about these types of loans, visit Empire Real Estate – About Stated Income and No Doc Loans .
This article may be reprinted only if credit is given and all links are kept intact.
Copyright©2005 Empire Real Estate Group, Inc.
About the Author
Andre McFayden is Vice-President of Empire Real Estate Group, Inc. in Fresno, CA www.empirefresno.com
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UK Loans : Personal Loans, Secured Loans, Cheap Loan Quotes |
The UK Personal Loan Store offers comparisons of the UK loans, personal and secured loans. Also offers tips, articles and latest loan news section. |
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