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Top Reasons Why Stated Income Apartment Loans Need Rental Property Investors

4 Reasons Experienced Rental Property Investors Love Stated Income Loans

Stated Income Loans for InvestorsInvesting in rental properties can be extremely lucrative, especially when it’s well financed. While securing funding is one of the major challenges in buying rental properties, savvy income property investors have found a great way around these challenges with stated income loans.

One of the savviest applications is to finance multifamily housing investments with stated income apartment loans.


The Challenges of Getting Financed for Buying Rental Properties

Getting financed for rental property investments from a bank or credit union is difficult. These institutions are bound by pesky regulations and typically won’t agree to finance real-estate investors looking to purchase property for rent.

Large tax write-offs are another factor that can disqualify you from financing with a bank when applying through a bank as you are unable to show your tax returns.

To make matters worse, stipulations in Dodd-Frank regulation made banks drop stated income loans like a hot potato. Many banks abandoned these loans entirely while the ones that still offer them only do so with draconian strings attached.

Fortunately, there are ways around this, but not with banks or credit unions. What you need is a Direct Money Lender like Rental Home Financing. Skip over all the hurdles banks will put in your way and get the money you need to launch successful rental property investments.

Why Stated Income Loans are a Favorite Among Seasoned Rental Property Investors

Now that you know why it’s not worth wasting your time applying with banks or credit unions you’ll see the beauty of income stated loans. Next, you’ll discover why income stated loans are favored by experienced rental property investors.

  1. Ease of Qualification

One of the most attractive qualities of stated income loans is that they’re easy to qualify for. The process is much less of a hassle than bank applications as well. Traditionally, stated income loan applicants are based on what you put down as your monthly income.

You don’t have to worry about providing any tax information and, or pay stubs. W2s or tax returns are not requires to qualify for a stated income loan.

Instead of all the fuss that comes with providing your tax returns, the primary factor to qualify is your credit score. To receive a stated income loan from Rental Home Financing, you’ll need a credit score of at least 650. To sweeten the pot, Rental Home Financing never reviews the debt to income ratios (DTI) of its applicants.

Other requirements include no bankruptcies filed for at least two years and late mortgage payments that were made 12 months prior to applying will be a disqualifier. Even if you have a recent bankruptcy or late mortgage payment, all you have to do is wait and keep your credit score up.

These loans also feature a streamlined closing process. Most applications take around three weeks to conclude meaning you’ll be able to pounce on rental properties with great agility. The ability to get access to financing quickly is key to getting the best deals on property.

  1. Generous Coverage Makes Real-Estate Investors More Agile

With stated income loans from Rental Home Financing, you can get up to 75% of the property purchase price financed for loans between $100,000 to $3,000,000 in a few weeks’ time.

Stated income loans come in up to 30-year terms for savvy and seasoned real-estate investors take advantage of. With a 30 year loan, you can pay it off in no time if you play your cards right when investing in rental properties.

  1. Commercial Stated Income Loans Power Real Estate Markets

Stated income loans are also known as no-doc mortgages in cases where the investor chooses not to fill in the income section on the loan application. The ease of qualification for investors with sufficient credit scores stated income loans can be a resource. Currently, there are a number of different types of stated loans available.

The SIVA loan permits you to simply state your gross monthly income and provide verification of assets by supplying an asset document or bank statements.

The application for a SISA loan or stated income/stated asset loan affords you to simply state your monthly income and assets. The lender does not require the investor to provide verification for this type of loan.

With a full documentation loan, investors are required to furnish tax returns and or check stubs with a verification of assets. While this is not a stated income loan for investors, it is the standard way a mortgage borrower is underwritten.

  1. Wide Range of Availability

Commercial stated income loans are not available nationwide. There are only four states where you cannot get financed through an income stated loan including the following:

  • Alaska
  • Hawaii
  • Idaho
  • Tennessee

 With the exception of these four states, you are free to get your hands on a commercial stated income loan in any of the remaining 46 states.

With so many states to choose from, clever real-estate investors can profit from lucrative markets like vacation rentals. Multifamily housing is another heavy hitter that can bring in strong streams of revenue when financed with stated income apartment loans.

Jumpstart Your Investment with Stated Income Loans

Forget banks and credit unions, you can get all the money you need to start snatching up rental properties with stated income loans. Even with the advantages of stated income loans, you still want to be careful with what lender you work with. Trusted leaders like Rental Home Financing take care of customers and have a reputation for integrity.

Check out Rental Home Financing and start making money on rental properties.

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About Rental Home Financing:

Rental Home Financing, as the best mortgage lenders we originate rental home loan products and cash out refinance investment property loans as the best investment property refinance lenders. Commercial blanket loans are available with a commercial purpose to suit your needs.

Also, as DSCR loan specialists, we are currently authorized to make such loans in most all areas of the United States. Specific circumstances will determine whether we have the ability approve/close portfolio rental home loans in your state(s). When you are ready to get a mortgage for rental property, we are ready to serve you.

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