non income verification mortgages

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The idea behind no-documentation mortgages To qualify a mortgage, you generally need to let your lender know what your income and assets are, so the lender can determine whether you are able to pay back the loan. You’re usually asked to back up your numbers with proof in the form of your W-2s, tax returns and bank statements.

 · Before the housing collapse of 2008, NINJA loans were a popular alternative to the traditional mortgage. The NINJA mortgage – No Income, Job or Asset verification.

No Income Check Mortgage. As time has evolved the No Income check program has allowed individuals who are 1099 or retired to also obtain financing under this program. Most lenders across the continental United States require that borrowers provide income documentation to qualify for a mortgage loan and do not offer no income verification mortgages no.

A no income check mortgage can be the ideal solution for the self employed since it can be difficult to verify the income. When attempting to obtain a refinance or a home purchase loan it is a wise move to consult with us to assess the options available for you.

– No-income verification mortgages, also called stated-income mortgages, allow applicants to qualify using non-standard income documentation. While most mortgage lenders ask for your tax returns, no-income verification mortgages instead consider other factors such as available assets, home equity and overall cash flow.

A no-doc mortgage loan is one where borrowers are not required by mortgage lenders to provide any income documentation to support their ability to repay the loan. When these loans surged in popularity in the early 2000s, they were extremely helpful to a small percentage of workers with high incomes that could be hard to prove.

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Gelt Financial Corporation secures loans nationwide for commercial and residential real estate investors. In its lifetime, Gelt Financial has closed over 10,000 loans. With former banking executives leading the team, Gelt is uniquely qualified to secure the financing you need.

Essentially the no income verification loan takes your assets and spreads them over 360 months (or less in some cases) to create your monthly income. Who can benefit the most from this type of Florida no income verification home loan Those who are retired (or close to it) with a liquid high net-worth.

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