No Income Verification No Doc / Stated Income Mortgage In Illinois
If you’re planning to invest in real estate in Illinois and are looking for the right mortgage loan, you probably don’t want to go through the usual lending process, which is full of paperwork. Fortunately, some alternatives will help you avoid piles of documents and bureaucratic procedures.
At LBC Mortgage, we offer a solution to help you obtain No Doc Mortgages and No Income Verification Home Loans.
Let’s understand the Stated Income Loans/No Income Verification Loans and how to qualify. We’ll also answer the question — is a No-doc mortgage safe today, and what do you need to qualify for one in Illinois?
No Income Verification Loan in Illinois State
An Illinois stated income loan, also known as a no doc no income verification loan, is one of the largest lending programs for real estate investors. With this type of loan, investors can obtain financing without qualifying depending on their debt-to-income ratio.
A stated income loan is way simpler to approve. It is also an opportunity for self-employed borrowers who cannot qualify for a traditional mortgage to pursue their investment plans.
An important thing to remember is that these loan programs are only available for investment homes in Illinois and not for primary residences.
Such loans are also often criticized, but they represent an ideal option for a specific type of borrower. To make an informed decision, let’s look closely at No Income Verification Loans In Illinois.
Benefits of No Income Verification Loans In Illinois
- A loan without the same underwriting standards or delays as a loan with confirmed income.
- The loan is funded in a relatively short time.
- Has a fixed interest rate for the first three, five, seven or nine years. Then, the interest rate fluctuates, and there is no penalty for refinancing to a new loan.
- Borrowers without regular income can apply for a loan without bureaucratic red tape and unnecessary stress. This type of loan can be obtained without the lengthy underwriting process and the headache of income verification.
No Doc Mortgage
The No-Doc program is one of LBC Mortgage’s unique programs that allows you to obtain a loan without documentation or proof of income upon approval. Our clients consider it one of the best mortgage options available. The reason is quite simple — the borrower does not need to provide any documents or proof of income.
When investing in real estate, you already spend a lot of time on paperwork — therefore, we help simplify the process of obtaining a loan as much as possible. You should simply provide a declaration indicating that you have the means to repay the loan. This is an ideal solution for investors with unstable or undocumented income who do not qualify for fully documented loan programs.
Are No-Doc Loans the same as in 2008?
In 2008, this program was widespread — lenders did not have to check the borrower’s ability to repay the mortgage. The result is known worldwide — many people received unaffordable loans.
Modern no-doc loans are not the same as the loans of 2008. They have undergone several changes. To provide such a loan in Illinois, lenders must verify the borrowers’ income or assets to ensure their creditworthiness.
Pros and Cons of Illinois No Doc Mortgage
Now, let’s talk frankly — mortgages without documents exist for a reason. This is a tangible help for real estate investors who cannot quickly provide income information and a ton of paperwork. But, of course, this solution is unsuitable for all borrowers, and here’s why.
Pros of No Doc Mortgage:
- Simplifying the purchase of investment property — now you can get a loan without strict documentation requirements
- The speedy application process is a significant plus, given that underwriting for a conventional mortgage takes several weeks
Cons of No Doc Mortgage:
- This is a rare type of loan for which it is difficult to find a lender. Luckily, you’ve already taken the first step toward a successful outcome because at LBC Mortgage that’s exactly what we provide.
- Less favorable lending terms include high mortgage rates, which depend on your down payment, credit score, assets, and the information you are willing to provide.
- High credit score and down payment requirements — you’ll need a score of around 700 and a down payment of 30%. However, at LBC Mortgage, we offer more favorable conditions — a 20% down payment and a credit score 640.
Ready To Get a Quote?
If you have an unstable income and are having trouble convincing banks to approve your application, meet the lenders at LBC Mortgage. We understand that traditional mortgages are becoming less prevalent in the modern world, so we offer you an alternative!
Schedule a free consultation if you would like to learn more about Illinois No Doc No Income Verification Mortgages & Stated Income Loans in Illinois State.