Pre-Qualify for a Stated Income or No Doc MortgageWritten by Kevin Onizuk
The number of Stated Income and No Documentation loans (No Doc) have increased dramatically in past few years. In some areas of country, such as Washington D.C. or New York City, 75% of mortgage company loans are Stated Income or No Doc loans. This is because property values are so high, people could not qualify just on their verifiable income. Consider this. A townhouse in Washington D.C. may cost $700,000. How many individuals can afford that on salary alone? Other sources of income must be taken into consideration such as: retirement funds, stocks, bonds, bank statements, liquid assets, and more. The increase in number of self-employed individuals, or people who combine jobs and self-employment is also on rise. The result has been a strong infusion of Stated Income and No Doc loans into mortgage industry. 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. No Doc Loans These types of loans do not require documentation of employment or assets. All that a lender needs is your name, social security number, address, and credit report. The loan is granted based on a solid credit history and a high credit score. Another option for this type of mortgage is a No Income No Assets (NINA) mortgage. Applicants are not required to write down or document income or assets for a NINA. The applicant simply states where he or she is employed and where he or she banks. Because no documentation is required, interest rates are higher.
| | Ten Reasons To Form A Strategic Business AllianceWritten by Dan Brown
A strategic alliance is when two or more businesses join together for a set period of time. The businesses, usually, are not in direct competition, but have similar products or services that are directed toward same target audience. Below are ten reasons to create a strategic alliance.1. You could offer your customers a larger variety of products or services. This will allow you to spend less time and money developing new products to sell. 2. Your number of sales people will increase because you're combining with other business. You won't have spend to time and money hiring new employees. 3. Your marketing and advertising budget will increase. When you form a strategic alliance with other businesses you both will share advertising and marketing costs. 4. You can now offer your existing customers more back-end and upsell products. This will increase your sales and profits. 5. Your business will gain a larger number of skilled people working on same project. You will gain knowledge of other businesses employees.
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