No Income Verification Mortgage
The stated income mortgage loan, also referred to as a no income verification mortgage, is a valuable tool for any mortgage lender or borrower seeking financing for their property. This practical loan type can help the borrower who does not fit the mold of the conventional borrower to move ahead with purchasing their property quickly. In contrast to conventional loan types, no income verification loans do not conform to the rigorous standards set by federal agencies for conventional loans. That being said, there is less paperwork and red tape involved when applying and seeking approval for a non conventional loan.
Although the no income verification mortgage is commonly associated with the stated income loans or “liars loans” which were pervasive in the market during the run up of the financial crisis, the loans existing in todays markets are of a different breed. Borrowers now have to possess a higher credit score along with a larger down payment on the property. This holds both the borrower and the lender responsible for participating in the loan process responsibly and ethically. With borrowers and lenders being held to higher standards following the Federal Reserve initiated credit tightening, the rates at which borrowers are turned down by banks for conventional loans has rise. As a result, non-traditional lenders such as HML Investments offer loan programs such as no income verification mortgages which cater to self employed individuals and those who are compensated largely in cash and commissions. If you feel like you fit into any of these categories, a stated income (no income verification mortgage) may be you solution. Do not be deterred by rejection from banks, find solace in the fact that there are alternative financing sources that can help you with your property acquisitions.
Contact HML Investments today to speak with a specialists about how to apply for a no income verification mortgage.