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The Details: No Income Verification Loan Programs

If your can afford a home, but have difficulty proving your income, consider a MortgageEase no income verification loan. Though this loan program traditionally comes with a slightly higher interest rate, the lending process is faster and requires less paperwork since there are fewer documents to verify.

A popular, smart borrowing choice for sole proprietors, contractors and those with income resulting from self-employment or nontraditional sources such as retirement, this loan may also be a good choice for those with no credit history or a bare bones borrowing history.

Even if you've had credit difficulties in the past, you may stilll qualify for a no income verification loan. At a minimum, your FICO credit score needs to be 640 or better.  A lower credit score equals a higher interest rate, and conversely, a higher credit score means a lower rate and lower monthly payments.

Fast Facts About No Income Verification Loans

  • Down payment: You’ll need a down payment ranging from 5-30% of the new house purchase price.
  • On-time payments: If you’ve had a mortgage in the recent past, or currently paying a mortgage, your payments must have been on time—or not more than 30 days late—for at least 12 months.
  • Employment, not income: Though you need not verify income, expect to prove employment in the same job or occupation for two years. If self-employed, can you demonstrate it for at least two years?
  • Compared with the average: Your affordability will be based on your stated income, and that income should be in line—and will be compared— with the average income of others working in your occupation or employment field.

So, with a no income verification loan, the mortgage approval is primarily contingent on your credit history, down payment, assets/income, and the value of the property you want to buy. Of course, the more you can verify with documentation and assets, the more attractive loan you'll be offered.

You can also better your rate if you can set aside, or demonstrate a few months of mortgage ‘reserve’ in liquid cash reserves. This reserve can be solely from one source or a reserve that’s combined from several sources such as cash, savings, checking, CD's, stocks, bonds or money market accounts, or even from your IRA, 401K or Keogh account.

Contact your personal MortgageEase consultant to find out if a no income verification loan is the right loan for you! 

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