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Sep
01

No Income Mortgage Refinance

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One of the most common questions I get submitted to me on the Nationwide website, is “How do qualify for a no income mortgage refinance?”

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.

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1 Comments

1

just need a $5000.00 loan so i can catch up on my property taxes. My house is fully paid off. The est. value as of know is approx.$80,000. Im 3yrs behind in my taxes and dont want to lose my home. I do have a very low paying part time job, but i would be able to pay the payments on a 5000.00 loan if someone could just point me in the right direction on what to do. Please help me.

Deborah Lockridge

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