No income and no asset home equity loans ad mortgages have been difficult to find over the last few years, BD Nationwide Mortgage helps consumers find reduced documentation home equity loans and 2nd mortgages with no income and no assets required for qualified borrowers.
Self-employed borrowers, independent contractors and many sales persons need a reduced documentation second mortgage because gathering the paper-work that underwriters require would be a nightmare.
Many of these types of homeowners have grown accustomed to no income verified home financing because it streamlines the loan process for them at a competitive rate of interest.
Stated income Home equity loans have become very popular for people who commission driven borrowers whose income can vary significantly from month to month. Credit scores become the most important factor for underwriting these types of loans.
Typically the interest rates are slightly higher than standard full documentation home loans. Bankers and lenders argue that “Stated-Income – Stated Asset loans carry a higher risk factor and justify the higher interest rate and fees.”
3 Types of Reduced Doc Equity Loans
• State Income/ Verified Asset home equity loans
• No Income / No Asset Home equity line or loan
• No Income Verified – Bank Statement second mortgages