No Doc Mortgages

Are you looking for a mortgage and you know proving your income is going to be a problem? There are programs that are designed specifically for those that have trouble proving their full income. They are called no doc mortgages or stated income mortgages. Here are the situations that are perfect for no doc mortgages.

If you are a self employed individual, then you are exactly the type of person that the no doc programs have been designed for. When these programs first came about, they were used only for self employed individuals and the requirements were not easy. You had to have perfect credit, but now you just have to have pretty good credit.

Another type of individual that the no doc mortgage is for is the tipped employee. We all know that if you are a bartender or server or you work for tips doing something else, then you know that you don't claim all of your tips. This makes it hard to prove that you make what you really make and it will make it hard to get a mortgage without using a no doc program.

The last situation that is perfect for a no doc mortgage is the independent contractor. This could be a sales representative or somoene working in the construction field. This is the type of person that gets paid by cash, personal check, or money order and does not claim all of their income due to expenses and other reasons. The no doc program is perfect for you.

No doc mortgages are not hard to find and just about every bank and mortgage company has a no doc or stated income program for those that cannot qualify for a normal mortgage. You will have to expect your rate to be a bit higher and you will need to have good credit to qualify, but this might be the best choice for you.

Author: BENJAMIN EHINGER

No Doc Refinancing - What Is No Doc Refinancing?

Do you struggle to show your full income on your taxes? Do you own your own business or work as an independant contractor for a living? If this sounds like you, then you probably already know how hard it can be to get the mortgage you need. Refinancing can be just as difficult and that is why the no doc refinancing programs have become so popular.

With there being an ever growing number of people opening their own business out of their homes and online there is a need for mortgage loans that can be used to refinance a mortgage without proof of income on taxes or paycheck stubs. The stated income or no doc refinancing option is perfect for these individuals.

Basically you will be getting a mortgage without providing any proof as to how much money you make or how much you own in assets, like stocks or bonds. This is very beneficial because you can refinance your mortgage without the hassle of trying to provide proof for what you really make.

Tipped employees are another prime candidate for no doc refinancing because they never claim all of their income so proving that they make twice as much as they claim each week is pretty much impossible. We all know that servers, bartenders, and other tipped individuals make a decent living, but do not claim much more than about 25% of what they make. This makes it hard to get the mortgage they need without using a no doc refinancing option.

Author: BENJAMIN EHINGER

No Documentation Loans - The Option For Independent Contractors And The Self Employed

Are you self employed, an independent contractor, or a tipped employee? If so, then you know how difficult it can be to find a loan or a mortgage. When you cannot prove your income it becomes very difficult to get a good mortgage, but there is a solution and it is called no documentation loans. Here are the situations to use a no doc loan in.

If you are self employed and you do not claim all of your income for whatever reason, then a mortgage that does not make you prove your income is perfect. This is usually called a stated income program. You will basically say you make a certain amount and the mortgage company will not verify the information with paycheck stubs or W-2 forms. This will get you a mortgage without any trouble.

Next, if you are an independent contractor and get paid mainly in cash, then it can be hard to prove what your income is. If this is you, then you are a perfect candidate for a stated income or no documentation loan. This will give you the leverage you need to get a loan and get it fast. Plus you will not have to worry about proving where you work or your income.

Last, if you are a server, bartender, or any other tipped employee, then you will have a lot of trouble proving your income because you probably do not claim all your tips. This will be the obstacle in your way to the mortgage you need. In order to get the mortgage you need you will have to use a stated program that allows you to say what you make with no verification whatsoever.

Using a state program is not a bad thing. It will have a bit higher rate and will be a little more risky for the mortgage company, but the no documentation loans may be your only option. If this is the case do not be afraid to go this route as it is still a mortgage, but it is designed for these special situations.

Author: BENJAMIN EHINGER

No Income Verification 95% Mortgage Loan

Are you in need of a mortgage, but already know that you are going to struggle to prove how much you really make as a self employed individual, tipped employee, or independant contractor? Do you need your mortgage to be 95% of the value of the home on a refinance or a purchase? There are ways to get a no income verification 95% mortgage loan without much trouble. Here are the things you will need and why these loans will work for you.

First, you need to understand that a 95% loan means that if the home is worth $100,000, then you are taking out a $95,000 mortgage. This does not mean that if you owe $75,000 on your home that you are going to get a full $20,000 in cash out. There are fees to consider and you will probably get between $15,000 and $18,000 cash out on a refinance.

On a purchase, this means that you need 5% down plus fees or close to 7% or 8% down. This is not a very large down payment in percentage terms, and this will actually start you off with a little bit of equity in your home, which is a good thing.

Second, understand that to get a no income verification mortgage loan you are going to need very good credit. Especially to get 95% of the home value in a loan. Your credit will need to be pretty much spotless and at least a 700 fico score. You can get a lower loan value if you have a lower score, but anything below a 650 and you will really struggle to find anybody that will even consider working with you on a no income mortgage loan.

Last, you have to understand your situation. If you work a regular job and have for a long time, then you should not even be considering a no income mortgage. This means you have a loan broker or account executive that cannot get you done with a traditional program and wants to talk you into a mortgage you probably cannot afford. Do not allow this to happen.

However, if you work for tips, are paid cash under the table, or are self employed, then you probably have trouble proving exactly what your real income is. This is where the no income verification 95% mortgage loan is perfect for you and you should start with this type of program because it was build for you.

Author: BENJAMIN EHINGER

No Income Verification Mortgage Loan

Are you after a mortgage refinance and are struggling to find the loan that is right for you? Have you considered a no income verification mortgage loan to take care of your refinance? Here are three situations that a no income verification type of loan will work very well for.

First, if you are self employed and you struggle to prove all of your income on your taxes you can use a mortgage that is called a stated income mortgage to get the refinance you need. Basically they will have you write down how much you make each month or year and sign it. They will not ask you for any type of verifcation for the income that you claim you are making.

Second, if you are an independent contractor or you get paid cash under the table, then using a no income verification mortgage is perfect for you. In this type of situation it will be very difficult for you to prove how much money you make and you will struggle to find a mortgage loan that fits your needs.

Last, if you are a tipped employee, then we all know that you do not claim all of your tips. This is another time that the stated income or no doc mortgage comes in handy. Since you will struggle to prove much more than about half of your income you will need this type of program in order to get the mortgage you deserve.

If you have good credit and can prove all of your income on your paycheck stubs and taxes, then you need to stay away from the no income verification mortgage loan and go with a traditional mortgage, but if you fit any of the above situations, then you should ask your mortgage executive about a no income mortgage program.

Author: BENJAMIN EHINGER