NO INCOME VERIFICATION MORTGAGE

What is a No Income 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 with 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.

Are No Income Verification Mortgage Still Available?  

Yes. You can qualify for a mortgage with no income and no employment verification. Purchase loans, cash out refinance and rate & term refinance loans require a minimum 640-credit score. The maximum loan-to-value is 80% up to $3 million dollars loan amount. Cash out refinance maximum loan-to-value is 75%. Higher loan amount are available with a lower loan-to-value. First-time homebuyers eligible 80% loan-to-value. The minimum loan amount is $100,000.00.

Almost all lenders require borrowers to provide income documentation to qualify for a mortgage and do not offer a true no income verification mortgage no matter if it’s a purchase or a refinance. They may say they have a no income verification mortgage, but it must be an investment property or they ask you for income documentation like bank statements or 1099’s.

Asset Verification

• 1 Month bank statement (covering at least 30 days)
• 100% Gifts allowed for down payment, closing costs, reserves
• Cash-out proceeds may be used towards reserves