No Verification Income Mortgage
No verification income mortgage products are a simple solution. These no verification income mortgage products are intended to assist
borrowers obtain mortgage financing of their home or investment property when
their income or assets are difficult to verify. Please email me with any
questions about a
no verification income mortgage
mortgage products generally fall into three categories:
No Doc Mortgage Loans
No Doc loans require no employment, income, or assets to be stated on your
loan application. There are no efforts to verify 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 loan done. Interest rates are generally 1
to 1.5% higher than conventional financing and are available on both fixed rate
and adjustable mortgages.
No Ratio Mortgage Loans
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.
Income Mortgage Loans
No verification income or stated income mortgages 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 .500% above conventional
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 program for Owner Occupied or Vacation homes
which are also owner occupied single family.
100% Stated Income loans are
now available for owner occupied, principal residences. Perfect credit is
required but only 2 months of liquid reserves.
Learn more about No Verification
I have a page on how to calculate
your qualification ratios.
I have a page on traditional documentation
I have included a
section on the new Cash Flow ARMS. A LIBOR based
product which gives you complete flexibility in managing your loan
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.
Prequalify for your No
Verification Income Mortgage