No Income Verification

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No Income Verification

Montrose, CO Office

Moab, UT Office

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Typical Documentation

Two Types of No Income Verification/Alt. Doc. Loans.
Stated Income Loans	No Ratio Loans
Stated Income Mortgage - The borrower(s) are asked to state their income on the loan application. Although proof of this income is not verified it must appear to be reasonable for the type of profession of the borrower. The "stated income" is used, along with the borrowers debts, to calculate "income ratio's' to determine if the borrower can qualify for the amount of the new mortgage payment. Two years of self employment is generally required. Most programs required proof of self employment as well as 12 months bank statements to show sufficient cash flow to meet the mortgage obligation
This loan does eliminate the cost associated with having your accountant prepare lengthy YTD balance sheets or explanations of intricate Tax Returns to verify income. The actual loan approval is based on your credit history, verified liquid assets, cash flow (bank statements mentioned above), and the value of the property. Verified assets should be consistent with the income claimed.
No Ratio Loans - No employment or income information is provided or verified. Approval is based on down payment, credit history, and property value. Some programs still require asset documentation, while others do not. Interest rates can be slightly higher on No Ratio Loans. For those borrowers who have difficult to verify and can not or choose not to disclose income details, this can be a workable alternative to standard loan products. These loans generally require 20% down payment.

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