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No Employment Employment Mortgage

A no employment verification mortgage is a simple solution for either a purchase or refinance transaction. If you have recently changed jobs, or simply do not want your employment verified, this is the right choice for you. No employment verification mortgage products are described as "true no doc" mortgage products.

The most simple choice, a true no employment verification mortgage requires no employment, income, or assets to be stated on your loan application. We do not verify any information beyond your credit profile and the value of the property. We will allow as little as a 5% down payment on an owner occupied home depending on your credit profile. If you have had credit issues in the past you may need to make a slightly higher down payment but I can get the no employment verification mortgage done. Your good credit, a decent property and we are done.

Another option would be to add your employment to the application. This program is frequently described as a "NINA" (No Income No Asset" loan. We will verify your employment, but again, no income or assets are on the application. If you are self employed, the business must be verified with a business license or similar documentation. If you are employed by a company, we will verify your employment but nothing else. This small bit of documentation will generally save you .125% on the interest rate.

Yet another option would be to have us verify your assets but not income or employment. Again, this bit of documentation will usually save you .125 on the rate. If your situation will allow you to verify both assets and employment, you are better served with the Stated or No Income Verification program. If there is an issue with your debt to income ratio, you may want to consider a No Ratio loan.

Available No Doc Loan Terms

No Doc Mortgages are available as:

15 or 30 year fixed rate

1, 3, or 5 year adjustable rate mortgage

Allowable Use and Property Types

No Doc Mortgage products are available for Single Family, some manufactured housing, and low rise condos. Some programs allow high rise condos 2-4 unit buildings, second homes, or investment properties but are slightly more expensive or require more equity. The programs will allow a "cash out" refinance but there are limitations on the allowable cash back. Please contact me with the specifics of your situation for guidance. If you are unsure a No Doc Mortgage is the right answer for you, I have included a page on traditional mortgage documentation requirements which may be useful.

The fundamental thing to keep in mind with true NO Doc Mortgages is that the lender only has your credit profile and property to evaluate. If your situation allows verification of either employment or assets you will save some money because you have lowered the lenders risk. The choice is yours.

Underwriting Guidelines

Some general guidelines for a No Doc Mortgage.

  • Minimum middle credit score is 660
  • 5 credit accounts are required. 3 may be from alternative sources-utility, auto insurance, etc. Housing history must have no late payments within 24 months
  • Bankruptcy and foreclosures must be discharged for 3 years with reestablished credit. Judgments must be paid before closing.
  • 5% minimum down payment is required from your own funds. No gifts. 20% for investment properties
  • 10 acres or less
  • A field review of the appraisal is required if the LTV is greater than 90%, loan amount is over $417,000

Learn more about no employment verification mortgage closing costs.

No Doc Loan programs allow you to purchase or refinance a single family, townhouse or condo. An investment property can be a single family, 1-2 unit, townhouse or condo. Vacation homes also can be a single family, townhouse, or condo.

Learn about calculating your qualification ratios.

Learn about traditional documentation requirements.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

New!

No Employment Verification Mortgage Prequalify for your No Employment Verification Mortgage.

 

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