No income loans
More banks are changing their programs and guidelines, now no income loans are available more then ever. These kind of programs meant for business professionals and some self employed homeowners. The goal is to fund more deals for low income borrowers and help stabilize the real estate market.
The fact that lenders don’t check borrowers income, doesn’t mean they don’t check bank statements to verify deposits and/or verifying employment and credit score. Lenders know that many self employed are not really sharing most of their income with the IRS, but they can still afford buying real estate.
Here are some of the income related programs mortgage lenders have these days:
Low income loans, No income loans, No income verification Loans, No employment verification Loans.
The difference between full income verification or stated income loans are the higher rates and higher fees.
Consider the best loan programs for you before approaching any mortgage lender or mortgage broker.