blogStated Income LoanNo Income Verification Loan Require No Income Tax Documents for Approval

January 27, 2015by Darryl Bledsoe

No Incomve Verification Loan - QKmortgage.comNo income verification loans [stated income loans] are a great way for self-employed borrowers to purchase or refinance a home without having to provide years of tax returns and bank statements. For those who do declare low income on their tax returns, qualifying for a no income verification mortgage is usually the best alternative to a conventional loan.


No income verification home loans are available up to $2 million, as long as credit is good [600 FICO minimum] and 20-30% is available for a purchase down payment. A seller can carry back up to 10% for a purchase. A contribution up to 10% can also come from a family member, but a minimum of 20% is required to qualify for a purchase down payment.

Interest rates for No income verification mortgage loans are higher than conventional loan rates, usually between 7-7.75%. There is also a 3 year pre-pay penalty, but it is possible that a refinance into a conventional loan could reduce the interest rate.


The approval process for a no income verification loan is much faster than the approval process for a conventional loan. Verifying income is the main reason for delay in loan funding. No income verification means there is no need to show tax returns, years of bank statements, and months of paystubs.

We receive calls every day from people asking: “how can I get a loan with no income verification?” As long as you can afford a 20-30% down payment and the monthly payment, you should be able to qualify unless your credit score is very low.

Call us today and see how easy it is to pre-qualify for a no income verification loan. Once you are pre-approved, you have time to find the home of your dreams and buy your home with the confidence of being able to close within the escrow period. No headaches and no worries about income verification. We will pre-approve your loan on the phone during your first call, with no obligation and no cost to you.

No Income Verification Loan Require No Income Tax Documents for Approval
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