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No Verification of Employment Mortgage
A no verification of employment mortgage is a very simple solution for either
a purchase or refinance transaction. If you have recently changed jobs or simply do not want your employment verified, this
right choice for you. These no verification of employment mortgage products are often described as
a "true no
doc" mortgage. Please email
no verification of employment mortgage questions. I also offer no verification of
business equipment leasing to business owners.
The most simple choice, a true No Doc loan 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 or second 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 loan done. This is the
product of choice if your asset or income is difficult to verify or if you
simply do not want the "hassle" of traditional mortgage documentation.
Another option would be to add your employment to the
This program is frequently described as a "NINA" (No Income No
Asset" loan. In this
case, 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
Yet another option would be to have us verify your assets but not income or
employment. Using this approach will require verifiable, relatively liquid
assets of not less than 6 months of your PITI. 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
Allowable Use and Property Types
No Doc Mortgages 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. Allowable uses are for purchase or rate and
term refinance. 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.
Some general guidelines
- Minimum middle credit score is 660
- 5 credit accounts are required. Housing history must have no late payments within 24
- 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 or your credit score is below 660
These 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. The loan program can be used with our
Learn more about No Verification
of Employment Mortgage
I have a page on calculating your qualification ratios.
I have a page on traditional documentation
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 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 of Employment Mortgage.