No income check home loans were very common prior to the 2008 credit crisis. However, they bacame extinct after 2008. So far, there are no lenders offering the old style no income check loans, but there are a few programs available through North Atlantic Mortgage that allow for alternative ways of verifying income.
Here are two alternative ways of verifying income:
Option One – Asset Qualification
- Borrowers are qualified based on verified liquid assets
- Employment and income are not stated on application
- Debt To Income ratios not calculated
- 4506T IRS Transcript not required
- Payment shock not calculated
- Foreign Nationals allowed
- Option Two- Bank Statements
Option Two- Bank Statements
- Self-employed borrowers* using bank statements
- Debt To Income ratio up to 50%
- Personal or business bank statements allowed
- If business and personal accounts are combined, or if borrower is using only business bank statements, income is evaluated using a 50% expense factor for business-related deposits.
- Payment shock not calculated
*A borrower with a 25% or greater ownership interest in a business is considered self-employed
WASHINGTON, D.C. (June 21, 2017) – Mortgage applications increased 0.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 16, 2017.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.13 percent, with points decreasing to 0.34 from 0.35 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.08 percent from 4.06 percent, with points increasing to 0.30 from 0.24 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.04 percent from 4.00 percent, with points increasing to 0.35 from 0.29 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.40 percent from 3.37 percent, with points increasing to 0.38 from 0.34 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
Buying or Refinancing a home doesn’t have to be Stressful
With rates so low many have refinanced at least once, even twice. But there are still many who have not, due to either not wanting to deal with the stress of gathering documents and not sure of qualifying for a loan. At North Atlantic you receive attentive personalized service
(see what our clients say).
Believe me, it’s a great deal easier with our help and expertise.
The average time to close a loan is about 30 days. We monitor real time interest rates, which is why our clients are able to access some of the lowest rates available. We understand the guidelines and know what different lenders can do, which incresaes your opportunities for a fast easy loan with a great rate.
Don’t put it off any longer and start saving with a lower mortgage payment. There are no salesman to speak with only qualified mortgage experts.
For a free consultation,
Call or Email:
John Sauro
Ph: 877-794-5363
Email: JohnSauro@Gmail.com
Sources: Mortgage Bankers Association