No Income Verification Loans
No income verification loans are a simple solution. We are one of the largest lenders in the country offering loan programs which are collectively referred to as No income verification loans. These no income verification loans are intended to assist borrowers obtain mortgage financing of their home or investment property when their income or assets are difficult to verify.
No verification loans generally fall into three categories:
No Doc loans require no employment, income, or assets to be stated on your loan application. There are no efforts at verification of any information beyond the credit profile of the borrower and the value of the property being purchased. If you have had some credit issues in the past you may need to make a slightly higher down payment but I can get the no verification loan done. Interest rates are generally 1 to 1.5% higher than conventional financing and are available on both fixed rate and adjustable mortgages.
A No Ratio loan is a good choice if you wish to not state any income information as your interest rate will be less than for a true No Doc loan. Again, because we do not need any income information, no debt ratios are calculated. However, we will verify employment and your assets. You will need to invest 10% in the transaction and will need reasonable credit.
No income verification loans or stated income loans are the least expensive option in this category of mortgages. While we will verify your employment and assets, your income is stated on the application but is not verified as in the traditional mortgage loan. Your stated income must be reasonable in light of your occupation and your assets. Rates are usually only .250% above conventional rates.
Property and Occupancy types allowed
Our No Doc Loan programs allow an owner occupant 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. The loan program can be used with our construction/perm no income verification loans program for Owner Occupied or Vacation homes which are also owner occupied single family.
Learn more about no income verification loans closing costs.
100% products are now available for owner occupied, principal residences. Perfect credit is required but only 2 months of liquid reserves.
I have included a section on the new Cash Flow ARMS. A LIBOR based product which gives you complete flexibility in managing your mortgage with no income verification loans.
The new Asset Manager is a creative HELOC which gives you complete control over your mortgage as well and requires no income verification
I have a page on how to calculate your qualification ratios.
I have a page on 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.
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