During the past few years, there have been many changes to the lending industry.
You used to be able to just walk into at lending office and get approval for a bad credit mortgage loan.
Those days have long past us.
No longer can you get a mortgage loan if you credit rating is poor.
The only way that people with poor credit ratings can get mortgage loan approval is by having a significant down payment for the loan.
One loan that has been affected by the recent lending crisis has been stated income mortgage loans.
No doc mortgage loans used to be the loan of choice for people who were looking to get a low documentation loan.
These loans were perfect for people who worked independently and had a difficult time gathering the appropriate information for a mortgage loan.
The stated home loans were greatly affected by the mortgage crisis because many lenders were giving out these mortgages to borrowers who should not have qualified for a loan.
The net result being that many people began defaulting on the state income mortgages.
Stated income mortgage loans now require the lender to provide proof of assets and a detailed list of all of the borrower's creditors.
Lenders calculate the borrower's debt to income ratio when it comes time to approving stated income loan.
Because many lenders stopped offering these stated income loans, you should be sure to go online in order to find a good stated income loan lender.
By looking up different lenders you can ensure that you get the best mortgage loan available.