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Owning a home is a goal most of us want to achieve. Unfortunately, many people are unable to qualify for a traditional mortgage. There are many reasons that a borrower may not qualify for a traditional loan. That is when Alliance Lending can offer a solution.

Have You Been Turned Down?

If you have been turned down by a lender, that doesn’t mean that a mortgage is out of the question for you. One lender’s assessment of your financial situation doesn’t mean it is the same for all lenders. A stated income loan may be the answer. Our San Jose stated income loans are specially designed for the self-employed and others who cannot qualify for a conventional mortgage.

What is a Stated Income Loan?

Stated income loans are lending products that enable a borrower to qualify for a mortgage without submitting the typical documentation that is required by conventional or government-backed loans. These loans can offer an applicant easy qualification and fast, streamlined approval.

What Kind of Borrower Considers a Stated Income Loan?

There are many reasons that a borrower may not qualify for a traditional mortgage. In these cases, a San Jose stated income mortgage may be the answer. You may want to consider a stated income loan if you

Cannot qualify for a conventional loan due to your credit score

Are self-employed, have numerous write-offs, have fluctuating income or have an inability to document income

Intend to fix and flip and require short-term funds to do so

Face foreclosure but have substantial equity in the home

Advantages of a Stated Income Loan in San Jose

For these types of borrowers, a stated income loan can offer important advantages. For applicants who are unable to qualify for conventional financing, these loans can offer a means to home ownership that would not be possible otherwise.

More flexible loan terms — Stated income mortgage lenders look more closely at collateral than credit history, income documentation or other criteria that conventional lenders use. Consequently, a stated income lender can be more flexible with terms depending on the equity and collateral.

Quicker closing — When it comes to funding, a stated income mortgage can be processed in a matter of days instead of weeks.

Few credit history requirements — A San Jose stated income loan lender typically does not focus on an applicant’s credit score. Instead, a lender focuses on the estimated market value of the property after any planned renovations, otherwise known as the ARV of the property.

Finding the Right Lender

Finding the right stated income loan in San Jose for your financial needs is important. This is when having a professional independent mortgage broker can help. At Alliance Lending, we have partnered with lenders that have stated income loans specifically designed for borrowers who are looking for financing outside the conventional mortgage arena. We take time to focus on your individual needs in order to get the right financing. Call us today at 408-226-4000 to discuss your mortgage needs with one of our team members.