Texas Real Estate Loans

Stated-income home loans, also called no-doc loans, are often used by individuals who are self-employed or looking to avoid the typical paperwork involved in obtaining a real estate loan. With a stated-income loan, a Texas borrower is typically required to provide a signed statement of income in lieu of offering traditional proof of income. In some cases, this statement must be witnessed by an attorney.

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Stated-income mortgage loans may also work for Texas borrowers who earn significant tips or commissions. These people may have difficulty proving they make enough to qualify for the real estate loan amounts they need. With stated-income loans, however, they need not worry about providing such proof. A signed statement is accepted instead.

Stated Income and Texas Real Estate Loans

Before applying for a stated-income home loan, it is important to understand that these real estate loans are not without disadvantages. Generally, a Texas buyer who seeks a stated-income loan can expect to pay a higher interest rate than someone seeking a traditional loan. Also, the credit threshold may be higher for some stated-income loan programs. For example, some Texas lenders may require credit scores of at least 680 in order to provide no-doc home loans.

If you're interested in a stated-income loan, contact us at Southern Lending Corporation. We are happy to offer guidance as you begin to negotiate the Texas mortgage process. For some of the lowest rates in the country and incomparable service, contact us by phone at 1-866-614-2700 ext. 100 or by e-mail at info@southernlendingcorp.com .