What is a No Income Verification and No Employment Verification Mortgage?
A no income verification mortgage is meant for borrowers who want to buy or refinance a primary residence or second home but cannot document enough income to qualify for a mortgage using tax returns, W2’s, 1099 or bank statements. These borrowers are usually turned down by most banks and lenders.
There are many reasons why a borrower may not be able to document their income. A perfect example would be a business owner who just sold their business and now has no income or a person whose income is based on tips or gratuities and they do not deposit the cash into their personal bank account.
https://www.mortgage-world.com/no-income-verification-mortgage/
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