No Income Verification Mortgage 2024

A no income verification mortgage 2024 does not require income documents or employment verification. No paystubs, W2s, tax returns or 1099s required.

For a home purchase, a minimum down payment of 25% is required with a credit score of 680. For a cash out refinance, the maximum loan to value of 70% is required with a credit score of 680. 6 to 9 months reserves are required depending on the loan to value.

No income verification mortgages have both advantages and disadvantages.

The pros of a no income verification mortgage is less documentation required and no proof of employed is required. These loans typically close faster since less documents are required.

The cons of a no income verification mortgage is the interest rates are higher which results in a higher payment. There is no prepayment penalty so after 6 months of mortgage payments made, a refinance can be done to lower the interest rate.

Qualifying for a no income verification mortgage can be a bit more challenging than a traditional mortgage. A minimum credit score of 680 is needed for a home purchase or home refinance. 6-9 months reserves are also required depending on the loan to value.

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. We’ll contact you shortly after receiving the application.
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.