A stated income or no doc mortgage loan allows individuals with difficult to document income to buy a home. With a documented credit score and reasonably stated income, you can qualify for a mortgage at a slightly higher rate. Online mortgage lenders allow you to easily compare rates on stated income mortgage loans, guaranteeing that you get the best rate.



Getting Started

To apply for a stated income or no documentation mortgage loan you will need to provide necessary paperwork verifying your credit score and employment. You must provide your social security number since your credit worthiness is based almost entirely on your credit score. Typical stated income loans will require a credit score of at least 680, but some lenders will offer loans for scores as low as 580.

You will also need to prove you are employed - self-employed individuals qualify. You will need to disclose your income, which must be reasonable in your profession.

Finding Mortgage Lenders

Just like with any type of mortgage loan, it pays to compare lenders' rates and fees. Even a quarter of a percent difference can save you thousands over the life of your mortgage. However, you also need to factor in fees when comparing lenders. Fees often hide the true cost of a mortgage loan.

To quickly find lenders, use a mortgage lender website to request basic quotes. By providing the loan amount and your estimated income, lenders will give you a generic mortgage quote. Online mortgage lenders allow quick shopping from the convenience of your home.

Getting An Approved Loan

Once you have found a mortgage lender, you have two options. You can apply to be pre-approved for your stated income mortgage loan or you can find your house and then apply for a loan. Pre-approved borrowers increase the chance that their offer will be accepted when buying a home.

When you are ready to apply for your mortgage loan, you can complete your application online by entering your personal information over a secure server. Final paperwork will be mailed out to you to review and sign. Once notarized, you send the forms back to the lender for their final approval.