Question:

Can I avoid home loans with no proof of income if I can’t verify income?

Answer:

Hardly. If you have the income but have hard time showing tax returns, you probably want to go full documentation, avoiding high rate home loans with no proof of income. The closest you can get is provide bank statements to the lender and ask if they accept those for a full documentation. Some will, but many will not.

However, if you have unverifiable income, you may have to turn to lenders offering no income verification loans.

Home loans with no proof of income are available as reduced and no documentation loans.

No proof of income is required for Stated Income Verified Assets (SIVA), Stated Income Stated Assets (SISA), No Ratio, and No Income No Assets (NINA) loans. Going from SIVA to NINA income, employment and assets verification decreases but interest rates are getting higher.

If you truly are unable to verify income, ask your lender which mortgage loan with no proof of income you qualify for. The more compliant your documentation is, the better rates you will have.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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