Verification of income

The popular No Income Verification Loan also known as Stated Income - requires No W2's, No Pay stubs, No Tax returns, and No IRS Forms. Available to W-2 wage earners, 1099, Self Employed, and Retired. If you need financing but your income is difficult to prove or document then the answer for you is a Stated Income or No Income Verification loan. Review the Program Details for the available states. There are types of NIV or No Income Verification loans for purchase or refinance that offer up to 95% financing explained below:

Stated income with verified liquid assets Stated Income Verified Assets Loan: Loan approval is based on your stated income, credit history, and verified liquid assets. The Verified Assets should be consistent with the income claimed. Income and assets are stated not verified Stated Income Stated Assets Loan This loan features no assets being verified. You only state your income and state your assets on the application. This program carries a slightly higher rate because the assets are not verified. No longer available on Home Equity Lines or Fixed Rate second mortgages due to credit market. No income is disclosed only verified assets No Ratio Loans - Similar to the programs above except that no income information is provided or verified.

General Requirements: Lenders usually look for a minimum of 2 years of self employment history or employment history in the same field. Proof for minimum of 2 years employment history for self-employed borrowers may be accomplished by obtaining a typed letter from a accountant/CPA on their company letterhead to get verification of the borrowers self employment. If an accountant is not available, two years of business license or confirmation from 3 disinterested business associates may be required. Your ability to qualify for the loan is based on the income stated on the application. The income must be in line with your occupation. Credit & Reserves:

Borrowers generally need credit FICO scores over 620, with the mortgage not over 30 days past due in the last 12 months. Loan Programs offered on 6 mo adjustable, 2, 3, 5, & 7 year ARM's. The borrower should have 2 to 4 months of the mortgage payment in liquid cash reserves on a purchase or refinance for the best rate. Liquid Cash Reserves can be from checking, savings, cash, CD's, money market accounts, stocks, bonds, and IRA’s, 401k, and Keogh accounts. On cash out refinances, reserves can come from the loan proceeds and the credit score may need to be higher. The other programs 15 yr fixerequire less reserve.





Some NIV or stated income programs have credit FICO scores as low as 600 with higher debt to income ratios. Of course you can always inquire of your particular situation and see what we can offer. No Income Verification Mortgage is a type of loan program in which the loan applicant discloses the amount of his income, but is not required to prove it to the lender bank. In other words, the applicant does not submit paycheck stubs, W2s, tax returns and the like throughout the loan process. The loan application is underwritten base on the borrower disclosed income and other qualifying criteria.

We current have for a No Income Verification Loan program that offers the interest rates of a Full Documentation program. That's right. We are offering our clients a mortgage with the lowest interest rates promulgated by Fannie Mae and Freddie Mac, but with the ease and convenience of No Income Verification. Freddie Mac publishes a weekly interest rate survey, which can be found on the Freddie Mac website and on the lower left hand corner of our homepage. Visit our homepage and see what the recent average interest rates are, and imagine you can get those same low rates, even if you cannot furnish income documentations to prove you can afford the mortgage.

This loan offer is ideal for those who have income that are difficult to document. The home buyers we have helped with this No Income Verification home loan have careers where the compensations consist of mostly cash tips, and small business owners. Street vendors, self employed professionals, business owners have incomes that are closely tied to their businesses and can be a nightmare to document. Cash tips earners such as waiters, bell hops, doormen, and taxicab drivers usually have difficulty proving their incomes and can often benefit from this No Income Verification loan program.

There are restrictions to this No Income Verification at Full Doc interest rate offer. First and foremost, the borrower must have good credit histories, with seasoned credit accounts in good standing, and credit scores of 700 and above. Although the applicant's stated income is not verified, it must be reasonable for the type of job he holds. In addition, the loan applicant's employment is verified with the employer either orally or in writing. The applicant's funds used for down payment and necessary closing costs will be verified through the financial institution where the funds are held. In most cases, monthly bank statements showing the necessary funds will suffice. This No Income Check program is also restricted to owner occupied, residential single family homes, duplex, condominiums, and coops. No multi family and commercial properties will be allowed.


Self employed people generally have a harder time finding a lender to give credit for all income, and receiving a fair loan in the processes. A W2 employee is considered a "full documentation" employee, and the loan program they are placed on reflects a lower risk score. If most income is written off on taxes, it can be hard to prove, and therefore receives a high risk score. You will need to look for a lender that offers alternatives to their "full doc" program". Several companies will often give you credit for certain deductions (from your taxes), and you may qualify from those items being added back into your income. Another option is a company that will allow you to use bank statements (usually 2-3 years worth) to prove your income. Not too many companies have this option, but if you do find one, ask if they consider bank statements to be full documentation. Even if you have above average credit scores, it may be worth looking at non prime lenders. When I refinanced my home, I had the same problem.