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 NO
INCOME VERIFICATION
Up
to 90% Financing Available…
No Need to Document Income!
Do
you need financing but your income is difficult to substantiate?
Or you just don't want to be bothered with all the customary
bank documentation?
Best
Quotes has the answer for you! .......
A
No-Income Verification loan!
Up
to 90% financing is available for no-income verification
mortgages (NIV)…with interest rates that are only slightly
higher than normal mortgages.
Of
course, the more information that can be documented, the lower
the interest rate… and the credit history and property value
become less critical.
There
are three types of NIV loans: Stated Income, No Ratio and No
Documentation...
Stated
Income
You
fill out a complete application, stating your employment and
income. Your employment will be verified but no documentation or
verification of income is required.
Bankers
usually look for a minimum of two to three years of
self-employment history, or employment history in the same
field.
Your
ability to afford the loan is based on the income stated on the
application. The claimed income must be in line with your
occupation.
The
actual loan approval is based on your credit history, verified
liquid assets, and the value of the property. Verified assets
should be consistent with the income claimed (for example, six
months of the stated income in savings, prior to the closing).
In addition, many banks look for six months of post-closing
reserves (based on the monthly carrying costs of the property).
No
Ratio
Similar
to the Stated Income program except that no income information
is provided or verified.
No
Documentation
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.
Best
Quotes will help you get the financing you need at the lowest
possible rates available.
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