There are millions of Americans who need a no income mortgage because of documentation obstacles that have prevented them from home buying or refinancing. Years ago, stated income home loans were readily available for self-employed and salaried employees. After the mortgage market crashed last decade, most of the no income mortgage programs disappeared.
Talk to Lenders About No Income Mortgage Opportunities
We offer streamline refinance loans that help homeowner refinance their VA and FHA home loans, but you have to already have a government mortgage to qualify for that program.
The fact is that American consumers prefer to get a mortgage with no income documentation as long as it doesn’t come at a higher price.
In other words, people like no income mortgages as long as they are charged more in fees with a higher interest rate.
If you are self-employed or have income from multiple sources, validating your income with conventional lenders can be challenging.
In such cases, no income check mortgages might be the solution you need. BD Nationwide can help you get connected to mortgage lenders that have experience funding these high risk loan programs.
What Mortgage Loans Do Not Require Proof of Income?
A no-doc mortgage, also known as a no-income verification mortgage, does not require the lender to verify your income with pay stubs or W-2s. These no income check mortgage programs are sometimes referred to as NINJA mortgages, which stands for “no income, no job, or assets.” It’s no secret that there are very few mortgage lenders, banks and credit unions that approve a mortgage without income documentation. BD Nationwide can match you with lenders that offer no doc mortgages and bank statement loans for borrowers that meet the guidelines and lending requirements.
Can I Buy a Home with No Income Documentation?
The greater the value of your assets, the more you can borrow. This type of lending is ideal for high-net-worth individuals, retirees, and small business owners who lack a traditional source of income but have sufficient assets to cover their mortgage payments. These no income verification loans are often referred to as asset-depletion loans, where lenders qualify you based on up to 100% of your liquid asset value divided by a specified loan term.
We suggest that you consider a no-income verification loan if you have difficulty verifying your monthly earnings, have complex tax returns, or simply want to avoid the hassle of providing extensive income documentation.
Since self-employed income isn’t guaranteed by an hourly or salaried wage, lenders are particularly careful in verifying a borrower’s earnings history. They evaluate the stability of the income, the financial health of the business, and the demand for the services or products offered by the company.
Popular No Income Check Mortgage Programs
Stated-Income Loans: These loans don’t require W-2s, 1099s, bank statements, or other income verification documents.
SISA Loans: This stands for Stated-Income, Stated-Asset. These no income check loans are approved without verification of the borrower’s income or assets.
SIVA Loans: This stands for Stated-Income, Verified-Assets These loans allow lenders to verify your assets but rely on your stated income for approval, often referred to as bank statement loans.
NIVA Loans: This stands for No-Income, Verified-Assets. Similar to SIVA loans, except income is not included in the application. Lenders may review assets such as retirement and savings accounts.
NINA Loans: This stands for No-Income, No-Asset. These no income loans are often used by real estate investors buying rental properties, where sufficient rental income is needed to cover the mortgage payment.
NINJA Loans: This stands for No-Income, No-Job, No-Asset. These NINJA mortgages don’t require verification of income, assets, or employment. The lender accepts the borrower’s word that the loan application is accurate.
Get More Info on the Stated Income Mortgage for Faster Loan Processing
We work with a few private investors that continue to offer a stated income mortgage and a limited documentation product to qualified borrowers. Many banking executives are predicting that lenders will begin easing the requirements for no income home loans in the near future. Talk to the friendly ending agents today about the prospect of getting approved for a low rate mortgage with great terms.
Our mortgage specialists understand the difficulty of finding a no income mortgage. We appreciate the need for self-employed borrowers to get access to limited documentation and stated income home loans and that’s why we are continuously adding new financing products to better your needs. Ask about our home purchase loans with limited documentation required for first time home buyers.
Unlike conventional mortgages, these no income check mortgage programs do not require you to prove you have a a job to qualify. This makes this no income loan an excellent option for retirees, investors, and others without conventional employment.
Other Popular Loans with Little or No Income Verification:
Do You Qualify for Limited or Stated Income Mortgages?
Stated and no income mortgage program guidelines are subject to change without notice. Verify with your loan officer about the current status for loan product you are interested in.
Additionally, potential homeowners must have substantial cash reserves to ensure they can cover mortgage payments and any unexpected homeownership costs. Although income is not verified for these types of mortgages, lenders still need assurance that borrowers can manage the financial responsibilities.
Lastly, credit history is crucial in the approval process. While no income verification loans are designed to be more accessible, a good credit score can significantly enhance your chances of approval and potentially secure better loan terms. If you have below-average credit, you will need more equity to qualify for a no income check mortgage this year.
BD Nationwide will help you locate and compare top lenders offering the best no income doc loans in the marketplace. There is no application fee or obligation to get a quote or use any of BD Nationwide’s online services. Take advantage of our experience matching high risk borrowers with lenders that specialize in private money and portfolio loans.