Determine Eligibility for No Income Verification Mortgage Loans
No income verification mortgages are loans that do not require borrowers to undergo any stringent income authentication processes. However, to get approved for this type of a home mortgage loan, applicants are required to provide copies of latest paystubs or W-2 forms as the case may be.
No Income Verification Mortgage Refinance Ideally Suited for Self-Employed
Obtaining mortgage with no proof of income could be ideal for self-employed professionals who face difficulties in documenting their incomes. Lenders may just ask such persons to give details of their gross incomes for granting approvals. Stated income loans, as they are popularly known, need applicants to extend copies of updated bank statements for the last 6 months.
Benefits of Mortgage Loan without Income Proof
Boost Chances of Getting Refinance Mortgage without Income Verification
You may not get a mortgage no income verification loan just because you are self-employed, you must be able to show that you have stable and sufficient annual income. Majority of the dealerships, which provide these loans, consider the following factors to approve applications.