A No Income Verification Loan, also known as a Reduced Document Loan or a Stated Loan, was a very popular loan option in Candlewood Orchards, CT at the height of the real estate market when borrowers with even a very low credit score could obtain a stated income mortgage. Reduced document loans are much harder to find today, as they are riskier to both borrowers and lenders in Candlewood Orchards, CT.

When you are able to find a lender in Candlewood Orchards, CT who offers stated loans, expect a much higher rate which may be up to double the current average interest rate.

Candlewood Orchards, CT Self-Employed Stated Income Loan

No income verification mortgages today are most popular with Candlewood Orchards, CT self-employed borrowers who usually have difficulty qualifying for a typical mortgage because they have trouble documenting steady, stable income, or they receive income from several sources. In such cases, Candlewood Orchards, CT lenders will view the applicant's debt-to-income ratio as too low to qualify for a mortgage. A stated mortgage uses different loan criteria that makes it easier for self-employed borrowers to qualify.

Candlewood Orchards, CT Stated Loan Down Payment

Expect to put down a large down payment to secure a reduced documentation mortgage. Depending on the lender and the amount of the loan you are requesting, this may be 35% to 50%.

Candlewood Orchards, CT Stated Loan Requirements

Candlewood Orchards, CT Interest only loans have other requirements to be aware of, along with a high down payment and sizable assets and income. You will need excellent credit with a FICO score of at least 720. Most low doc mortgages are adjustable rate mortgages (ARMs), and you are typically limited to buying a single-family home or condominium.

While no income verification loans are harder to find than in the past, they are still available to well-qualified buyers.