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Trust but Verify…

October 3, 2006

Obtaining financing through the use of “stated income” loans or “no-doc” loan has gotten a bit more difficult.  The IRS has begun providing electronic income tax information on borrowers to lending institutions.  It has been common place for borrowers with good credit to bypass much of the paperwork necessary to prove income by simply stating that their income is sufficient to repay a loan.  With the Internal Revenue Services now providing an electronic means of verification of income, you can be sure that many banks and mortgage brokers will begin verifying the incomes of their prospective buyers.  

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