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What Are No Income Verification Home Equity Loans?
Leave the documents at home...Simply, a no income verification home equity loan is a second mortgage loan that does not require you to provide income documentation to qualify for the loan. This type of loan should be of great interest to homeowners who need a home equity loan, but have hard to document income such as from a cash paying job. Additionally, these loan programs are beneficial for for those people who would like to alleviate alot of the paperwork involved in a traditional mortgage.Who are in the catagory of applying for a no income verification loan? The majority of borrowers with hard to document income are either self-employed or commission based employees. Other workers include waiters, taxicab drivers and hotel doormen, whose incomes consist mostly of cash tips. Self-employed and commission based workers may have high income, but often have a lot of business related deductions that they write off on their taxes. This is good on the one hand, as it reduces taxable income and thus the amount of taxes owed. However, when it comes to getting a home loan this situation can hurt the borrower. Most lenders use the average of the last 2 years' taxable net income (the amount left after all of the deductions) to determine your income figure for qualifying purposes. This may cause a debt to income ratio problem if you have a high debt load and thus keep you from qualifying for the loan. With a no income verification home equity loan, however, your gross income can be used for qualifying purposes as opposed to the net income! And this number can make a big difference. In order to qualify for a no income verification home equity loan you will, in most cases, need good credit and a high credit score. And, because the risks are a little greater for the lender, expect to pay a higher rate for this type of loan as opposed to a traditional loan in which you document your income. Also, even though a no income verification loan does not require you to document your income, some lenders may require that you have a certain dollar value of assets on hand which must be verified.
Loan guidelines and rates vary from lender to lender. It is always a good idea to shop around, to increase your chances of getting the best deal available to you. For more information on no income verification home equity loans, or to compare rates and programs of home equity loan lenders visit http://www.equityloansource.com Levetta Rivera is a successful mortgage broker and publisher of the following financial websites: http://www.equityloansource.com and http://www.militaryvaloan.com
News about No Income Verification Loans
Verification Bureau Reports 4506-T Processing Turnaround Time for ... - International Business Times
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