No Income Verification Mortgage Refinance – What Best If Get Home Loan without Income Proof

Finding no income verification mortgage loans that meet your needs is not easy. It requires your financial affairs to be in top shape and your credit no less than perfect. So, if you are planning to find the best no income verification mortgage for your home, you will do well to spend some time spring cleaning your finances and make them look attractive.

As the name suggests no income verification mortgage refinance means the lenders will not verify your income. They go by the income your state. As such these loans are also called ‘stated’ income loans. However, the no income verification mortgage loans that were wiped out after the housing crisis are now slowly making a comeback, but are still hard to come by.

Apart from the credit score, which is generally 700 or above, the lenders also consider your credit history when reviewing your application for no income verification mortgage loans. This means your credit history must be pristine with no bankruptcies, foreclosures, delayed payments, and so on. Therefore, before applying for a home loan without income proof, get a copy of your credit report.

Usually a home loan without income proof is sought by self-employed people. In the absence of W2 or paystubs as proofs of income, they need to produce tax returns for the last two years. Since documents required vary from one lender to another, you may be required to submit bank statements as well in order to prove steady income. There are also lenders that may require you to have cash reserves apart from the down payment. This is to ensure that in the event your business hits a low, you can dip into your savings to repay the loan.

Lenders consider a number of factors before approving no income verification mortgage loans. These include your credit balance on the credit card, regular deposits in your bank account, business contracts to ensure future business, reserves in the liquid account, a profit and loss statement for last 3-12 months, proof of experience in your industry, and so on.

It may not be too easy to find the best no income verification mortgage that best matches your financial situation, but it is certainly possible. The larger financial institutions such as commercial banks are still wary of no income verification mortgage loans. Therefore, your best bet is to contact the privately owned operators.