Problem Solving Techniques

1. Clarify what a successful solution is, and that will guide your efforts. In fact, sometimes just clarifying desired outcome will suggest immediate solutions.

2. Get opinions and/or advice from several people. They might have good ideas, and you'll be sure you're not overlooking obvious. Also, you clarify a problem when you explain it, and that may help in itself.

3. Challenge assumptions. Are you trying to solve wrong problem? Do you really need a vacation, or is your job problem? Don't let your assumptions limit your possible solutions.

4. Break it into parts, and solve parts individually. Many problems are really a collection of smaller, easier-to-solve problems.

5. Change perspectives. What would problem look like if you were rich, poor, or from another planet. Einstein imagined riding on a beam of light, which lead to his theory of relativity, so this technique has been known to work.

Common Scenarios for Stated Income or No Doc Loans Self-employed individuals are obvious contenders for Stated Income and No Doc loans. Often, self-employed individuals write off expenses and claim as little as possible in net income. In fact, their income is larger than it appears on their tax statement. In addition, anyone with a unique income, employment, or asset situation may want to apply for this type of loan. For example, people who live on tips, are paid commission, or have other forms of compensation at their jobs will want to apply for this type of loan. Also, individuals who have recently changed jobs, within last 12 months, may need this type of loan.

Stated Income Loans Though they are often referred to in same breath, Stated Income loans are different than No Doc loans. Stated income means you have a job which can be verified. For example, you draw W-2 income from a source outside of self-employment, or, your self-employment situation is easily verified through bank statements or other documentation.