No income verification mortgages have both advantages and disadvantages. The advantage is no income or employment documentation is required. You’re also able to close much faster. The cons of this loan is the interest rates a bit higher due to the loan being a higher risk since there is no income or employment information.

Qualifying for a no income verification mortgage can be a bit more challenging than a traditional mortgage. A minimum credit score of 680 is required along with 25% down payment. The borrower is required to have reserves as well. Reserves are only required to be shown in assets, they are not required to be used at closing.

There are several different types of no income verification loans available, each with its own set of requirements and benefits. You can purchase a home or refinance a home with a no income verification loan. Both have a minimum required credit score of 680. For a cash out loan, the cash back amount can be used as reserves.

Choosing the right lender is critical when it comes to no income verification mortgages. We have years of experience closing no income verification loans.

To apply for a No Income Verification Mortgage, you’ll need to follow these steps:

1. Call 888.958.5382 or apply online.
2. Complete an application with credit history and no income verification.
3. Wait for the lender to review your application and determine if you’re eligible.
4. If you’re approved, you’ll need to complete the closing process and sign the loan documents.

Remember, qualifying for this type of mortgage can be more challenging, so it’s important to take the time to research your options, understand the process, and choose the right lender. If you have any further questions or are ready to take the next step, don’t hesitate to reach out to our team of experts. We’re here to help you find the perfect mortgage for your needs.