No Income Mortgage RefinanceBy
Stated income, no doc and no income verification loans were all very popular home loans a few years ago. What started as a convenience mortgage for self-employed borrowers turned into a popular choice for all types of borrowers because it was easy but for many people it enabled them to qualify for a loan that they really could not afford. Brokers and lenders clearly pushed the envelope on a “no income mortgage” over the last decade and the mortgage industry is paying the price for all of the loan defaults and foreclosures right now.
Today the only know no income mortgage refinance option is the streamline loan. This popular government refinance loan is available with the VA streamline refinance and the FHA streamline refinance. These programs do verify employment, but at this time they are not verifying income. This refinancing loophole has helped thousands of borrowers refinance even though their debt to income ratio was higher than the loan program allowed. For more information about the streamline loan program read the recently published article, The Streamline Refinance, the Best Kept Secret in the Mortgage Industry.