Velocity Finance - Mortgage Loans

Mortgage Loans - Ride Or Die

Lets say you have bad credit. Lets say you have bad credit and a low-income. Lets just imagine that you have bad credit, a lower than average income, and a limited amount of available assets you can use to finance a mortgage - what can you do? Can you possibly qualify for mortgage loans with that sort of financial burden hanging over your home-hungry head? Now imagine yourself at Pipeline, paddling up for a 20-foot bomb that will probably crush you into a broken mess of white-water and razor-edge coral reef - do you stop surfing? Do you paddle in and forget about the whole ordeal - its just too dangerous? NO! You take that wave and you ride it wherever the mighty water Gods take you, and you take that home mortgage and go with it under the power of stated income mortgage loans.

What are stated income mortgage loans

In surfing you have your beginners' waves and your expert, waves that will surely pull you under if you don't know exactly what you are doing. Stated income mortgage loans are a lot like that expert wave - totally awesome and fun to ride, but only if you know what you are doing. These are mortgage loans stemming from the documentation requirements of the individual lender, documentation displaying your income, financial history, and financial assets. But these requirements are not set in stone, and adjusting the documents you provide might create the most beneficial mortgage loans possible for your exact financial needs:

with stated income/verified asset mortgage loans, your income is disclosed and source of income verified, but the income amount is NOT verified. If you have substantial assets, a freelance position, or multiple low-income positions, avoiding your income could be a good way to qualify for more money from your home loans.
with a stated income/stated asset mortgage, you are further increasing your ambiguity in order to qualify for more money - or a mortgage in the first place.
you can also get totally extreme and go for a no ratio home loan. You will give the information but that information will not be used in your qualification. the lender will effectively waive the infamous debt-to-income ratio that previously set the limits of your loan amount.

These loans are not for everyone

Again, not everyone can handle the the pressures and added financial responsibility and risk of the stated income mortgages, and we provide this information simply for your understanding and as an example of how you can manipulate the mortgage rules. If you have severely bad credit there are bad credit mortgage opportunities that can get you a home mortgage! The diversity of the adjustable rate mortgage continues to create more financial opportunity, so if you feel hindered or limited in any way by your mortgage opportunities simply speak with your lender about your mortgage options and what you can do to create new ones. People only started surfing the Pipe after that first dude went out and caught him a wave, maybe you could be next up for the chance of a lifetime and a home loan jam packed with sheer Velocity.

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