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No Income, No Asset Verification  & Stated Income Loans

How do they work?

No income and no asset verification and stated income mortgages are specialty loans that do not verify a borrower’s income or assets with traditional documentation, such as those who are self-employed or salaried.

What are the benefits of the No Income,
No Asset Verification & Stated Income Mortgage Loans?

In a traditional mortgage, most of the paperwork is comprised of income verification documents.
These types of loan programs allow a credit worthy borrower to access financing through no traditional documentation. There are a variety of programs available. Some programs even allow a borrower to finance 100% of the property value for a refinance or a purchase.

Another benefit is that since your income is 'stated' your debt to income ratio is pretty much invalid at this point as long as what is stated meets the DTI guidelines.

Stated Income Mortgage Loans are available for Single Family, Townhouse, some manufactured housing, and low rise condos. Some programs allow high rise condos 2-4 unit buildings, second homes, or investment properties but are slightly more expensive or require more equity. Allowable uses are for purchase or rate and term refinance. The programs will allow a "cash out" refinance but there are limitations on the allowable cash back.

The one thing to keep in mind with true NO Doc Mortgages is that the lender only has your credit profile and property to evaluate. If your situation allows verification of either employment or assets you will save some money because you have lowered the lenders risk. The choice is yours.

For more information on these types of loan programs, simply complete the online form and an Associate will contact you within 24 hours to discuss the details.