Question:

What are the features of no income verification mortgage loans?

Answer:

No income verification mortgage loans are widely used by self-employed and commissioned borrowers. If you are a salaried borrower, you may take advantage of a no income verification loan, as well.

No-Income Verification Mortgage Loan Features

  • Verification of earned funds is not required.
  • 1 to 4 unit primary and second homes, and investment properties, etc are usually eligible. 5+ unit properties can have some restrictions.
  • Often the 4506 Form (borrower authorizes lender to check their tax returns) is not required.
  • Pay stubs, tax returns are not required.
  • Asset verification is often not required (depends on the no income verification mortgage type).
  • Very little paperwork.
  • No income verification mortgage loans are available as both first and second mortgages.

Be aware, though, that the great rates and terms of no income verification mortgage loans widely advertised to everyone often apply only to borrowers with superior credit rating.

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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