Bluestar Mortgage of Schaumburg, is the preferred choice for Primary Residence No Income Mortgage Loan. Give us a call at 847-230-4030 to speak with a Primary Residence No Income Mortgage Loan expert who can assist you in determining if a Primary Residence No Income Mortgage Loan is the right option for you. You can also click on the schedule a free consultation button above.
Otherwise known as the stated-income loans, a no-income verification mortgage is a home loan granted by lenders to borrowers without providing typical documentation for approval, such as income tax returns or pay stubs. Instead, alternative documentation or assets like home equity, pensions, overall cash flow are allowed to prove the loan paid off.
Lenders provide varied kinds of no-doc or low-doc mortgages that best suit your needs. Below are the usual forms for which they might be suitable:
1. Bank Statement Mortgage.
In this type of program, the lender determines the income based on your personal or business account deposits during the 12 to 24 months.
Suited for: People or small business owners receiving regular deposits with bank statements.
2. Asset-Based Mortgages
This is also known as an asset-depletion mortgage. This loan option is used for significant assets rather than regular employment income. Borrowers can qualify for this option if they have enough assets for loan payoff since the calculation will depend exclusively on the available assets.
Suited for: Borrowers with a high net worth or retirees who get proceeds from their retirement accounts.
3. No-income, No-asset loans
This kind is accessible for investment properties since lenders’ concern is solely based on the value of the property and its capacity to generate income. This loan is usually accompanied by a higher down payment and credit scores.
Suited for: Investors of real property with sufficient money for a high down payment
4. Stated Income, Verified Assets
This kind of loan is most suitable if a large portion of your revenue is difficult to document and you have an available asset that lenders can verify.
Suited for: Anyone making revenue from rewards, bonuses, stipends, or tips and has a personal bank account under their name.
Below are the standard requirements which lenders will verify if you can meet the payoffs of your loan:
If you are interested in a Primary Residence No Income Mortgage Loan, call us at: 847-230-4030 to speak with a Primary Residence No Income Mortgage Loan loan expert who can assist you in determining if a FHA loan is the right option for you.