There was a time when getting a mortgage approved without any proof of income and showing salary slips, or bank statements etc was unthinkable. This was not in the syllabus of the lenders, and nobody could expect the same. But now with the booming ecommerce and other industries across the US, the number of small business owners, small entrepreneurs and self employed has increased a lot. This has made the lenders think and realize that eligible people who can payback the mortgage may not actually be able to show enough documents to prove their income, while they may be generating a sound income from their business or home based work. That is why the stated income loans schemes took shape in the US to help borrowers without a fixed income or income proof.
Who Are Eligible For A No-Verification Stated Income Loan?
The stated income mortgage lenders like QKMortgage.com would however give a mortgage to any applicant who is eligible, but the highest support and benefit of the program is available for those who may not get any loans approved under other schemes from banks and other finance companies, but the no income verification mortgage lenders.
The Beauty Of The No Income Verification Mortgage Program
- You only have to maintain a few small things to get this mortgage approved and they are:
- You have to have a credit rating of 600 minimum
- You need to apply for a minimum mortgage value of $125,000 and a maximum of $200,000.
- You need to arrange for 20-30% of the loan amount for down payment, and may use 10% of it as a gift fund from a helping hand.
- You may enjoy the mortgage with stable payments at the rate for the first 3 years, and after that you may apply for a loan modification or re-finance etc.
- No verification is done to see that you earn the same as stated, and the word of your mouth is deemed final to process the loan
- You need not produce any documents to prove your income, and no verification is either done to see whether you earn the same or not.
- Processing is very fast and takes really little time compared to other mortgage programs.
With such favorable conditions you can get a no income verification mortgage in easy conditions and pretty fast, as there is no verification process involved, and may enjoy the benefits for the next 3 years without any loan modification at easy terms, and even after if you wish to.