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No Income Verification Loan |
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Who should apply for No Income Verification loans?The "No Income Verification" feature is designed specifically for self-employed, non-salaried or commissioned borrowers as well as salaried borrowers.
This feature eliminates the need to verify earned income, although assets and unearned income must still be verified.
This feature is offered on several of Best Nationwide Loans' fixed rate conforming and non-conforming products.
- Income is not stated or verified.
- Assets are not stated or verified.
- Employment, income, and Asset information is completely omitted from the 1003 application. Name, address, SS#, Drivers License and other identity disclosure documentaion is usually all thats required for a No-Doc Loan.
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A word about Reduced Documentation Loans:
BEWARE, ‘Stated Loans’ are becoming a large problem under the realm of Mortgage fraud and Predatory lending tactics. Qualifying for a Stated Income Verified Asset (SIVA) loan comes highly at the discretion of the Broker, who is supposed to diligently verify that the subject Borrower makes more in gross income than they can transparently document.
Many times, self-employed borrowers take advantage of significant tax write-offs they may enjoy at the expense of ‘proving’ the income.
The Lender recognizes that the borrower COULD be taking home more money than the IRS taxes, however, many brokers use Stated Income Verified Asset (SIVA) loans as a tool to qualify a borrower even though they may know the borrower does not meet income requirements.
This is a version of mortgage fraud and should be avoided. Do not let a Broker put you in a Stated Income Verified Asset (SIVA) loans if you do not make enough money (using the lenders prescribed DTI ratio as a benchmark) to make the mortgage payment.
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