How to Find No Income Verification Home Loans
Getting a home loan with no income verification is difficult but not impossible so long as you have a good credit rating. This is a mortgage option that works best for individuals with irregular or difficult to document income. Applying for such a mortgage still requires you to estimate your yearly income but will not require you to document it.
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Instructions
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Inquire for a no income verification mortgage from the lender of your choice. It will be more difficult to compare mortgages of this type because they are not widely advertised or available from most lenders. To compensate for the added risk of lending to someone who won't verify their income, these mortgages will usually have higher rates and fees than regular types.
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Expect to be rejected for a no income verification mortgage if you have a weak credit rating. Improve your credit rating if you would like to be considered for a no verification mortgage. Only individuals with a near-perfect credit rating are likely to qualify for a low documentation mortgage.
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Be prepared to present some documentation to the mortgage lender even if they won't require you to verify your personal income. Many lenders will require you to present your tax returns or the balance sheet of a business that you might own.
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Consider offering to make a larger down payment if you are applying for a low documentation mortgage. The larger the down payment that you offer, the lower that the lender will be able to bring their interest rates. This offsets the added cost of such a loan. Increasing the length of the mortgage loan period can also reduce monthly payments.
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