No 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.
Requirements For No Income Verification Mortgages
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.
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Benefits of a No Income Verification Home Loan
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.
The unfortunate reality for many who pursue real estate investing is that most people can acquire the knowledge easily, but are not in proper financial place to begin investing. Most are actually swimming in debt, and are motivated by that debt to find a way out. Although real estate investing promises a great return with financial freedom, sometimes the best option is to accept the reality, start over, and build the right way.
Here is a great reading resource on how to move forward in clearing your debt, so that you can start fresh and begin living the life of your dreams.
However, if you feel like your finances are in place and you’ve been responsible in paying off your debt, feel free to give us a call and we can walk you through the next steps!