No Income Verification Home Loans

A no income verification loan may be the answer if your income is hard to document

A no income verification loan also known as a stated income loan, is a home loan that does not require you to provide documentation of your income. A no income verification mortgage is great for borrowers whose income is sporadic or hard to document. Typically, people who fall under this category are the self-employed and commission based employees.

When you apply for a no income verification loan you will be required to state your salary on the mortgage loan application. The income that you state is what the lender will use to qualify you for the loan. A no income verification mortgage loan does not require you to document the income you list but you may be required to provide proof of your employment. For example, if you are self-employed a copy of your business license will usually suffice. In addition, the income you state on the application should be reasonable for the line of work that you are in.

A no income verification loan is usually only available to borrowers with pretty good credit. To qualify for these loans the borrower will usually be required to have a certain minimum credit score. The minimum credit score required for a no income verification mortgage varies from lender to lender but generally you should have a fico score of at least 680.

Hard to document income no longer has to be an obstacle to loan approval. Get your free stated income home loan quote today. This program is available for new purchase loans, refinance loans and home equity loan seekers.

We recommend LoanWeb for your home loan needs. Not only will you get a competitive quote from a reputable lender who services your area but you have the convenience of being able to compare several loan quotes without the hassle of completing multiple applications.