The Reality of No Income, No Asset and Stated Loans

There are a lot of misconceptions about the way that investment loans work. There are no STATED LOANS anymore. Remove terms like NO INCOME, NO ASSET Loans from your vocabulary.

To this day we still get people who come to us and think just because they have an 800 credit score that means that Red Carpet will be rolled out to them, and the heavens will open up and they will hear angels singing. WRONG!

Having a great credit score will help, but it’s not the only thing you need to invest. We still get people that get offended when we tell them we have to have their financials. Why? They feel they shouldn’t have to show them to anyone. This couldn’t be further from the truth.

Even if a lender tells you that they don’t need financials, you shouldn’t trust them. In these cases, the lender will be charging the application fee and then immediately rejecting the loan because the underwriters needed financials. Pretty sneaky!

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