No Income verification loans
This type of mortgage loan is also known as a stated income
loan. The meaning of the No income verification loan is that
it allows the borrower to state their income on the application
while providing no documentation to substantiate it. Most
no income verification programs require a strong credit history
along with substantial, verifiable liquid assets. Loan-to-value
limits may vary depending on credit ratings, liquidity, property
type and usage. The limitations on the no income verification
loans may also vary depending on the borrower’s type
of employment. Candidates for no-income verification loans
include the following:
• Commissioned borrowers
• Self employed borrowers
• Non-salaried borrowers
• Borrowers with financial profiles that are complicated
and wish to minimize documentation requirements
An example of the no income verification mortgage would be
someone who started up a company in the last year and has
no proof of income from tax statements or from pay stubs to
show the lender. The borrower has an impressive bank account
and credit from being self employed that the lender decides
to grant the borrower a loan.
Is a 4506 form required with a no income verification loan?
Not in most cases.
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