topic No Income Verification Mortgages in Mortgage Loans

No Income Verification Mortgages

Red1Blue — Sun, 06 Feb 2022 19:39:02 GMT

They used to exist for some time. Is there still some thing called No Income Verification Mortgages. I can give upto 50% down payment for the property. Can we get a no income verification mortgage?

Re: No Income Verification Mortgages

homeloanexpert — Sun, 06 Feb 2022 20:52:55 GMT

@Red1Blue

They're back! Yes there are several great options on these NonQM (as they are called) loans today. These loans are credit score driven. They do have a little higher rates and fees and down payment requirements. But these loan programs can be viable way to enter the housing market as long as you have an exit strategy. They have fixed arms options like 5/1, 7/1, 10/1. You could opt for a 30 year fixed, or you can go interest only, and NO prepayment penalty. I am starting to see a lot more inquires for these programs lately.

Re: No Income Verification Mortgages

MauiMan85297 — Mon, 07 Feb 2022 21:26:54 GMT

Just watch out for some of these non QM loans, I'd call them predatory loans with high fees and much higher rate. If you can supply 12/24 mos of bank statements in lieu of W2's or tax returns and P&L (self employed) then that's your best bet as the rate stays pretty normal as opposed to a very high rate.