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Are any no income verification loans available for 798 FICO and over 20% down payment ?

self employed with no mortgage lates for 30 years.

for jumbo and conforming ?
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March 11 2009 - Jupiter
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Answers (17)

A couple of issues here.  Although rare, no-income verification loans can be available.  However, as taximan1 said, he did have to show assets.  They typically require more than 20% down payment, and big reserves (usually deposited in the lender-bank.)  And his rate for a 10/1 is way higher than typical.  I can do 10/1 jumbos for under 4% now with verification of income.

The other issue is DTI.  This is why many self employed people want these No-income verified loans.  Some portfolio lenders can go to a high DTI, as long as there are sufficient reserves and minimal residual income.  I can go to 60 DTI or higher on Jumbo loans, 80LTV to $1,500,000 loan.  The key is to add up all financial assets (and percentages of IRA, 401K, brokerage accounts.)
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March 13
Yes, loans like these do exist. Instead of looking at your tax returns, as you see done in traditional loans, no income verification loans look at other documents such as your past 12 months bank statements instead. This route can be better for certain people such as self-employed workers. If this sounds like a good option for you, I recommend that you look further into this option if you have strong finances to support this loan. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
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March 12
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September 19 2013

Sorry, from my perspective, there are no "no income verification" loans available anymore.

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May 04 2009
Profile picture for taximan1
free advice forums are great things. however, the biggest downfall of them is bad advice.

Contrary to what Chip says, there are in fact stated income loans available. In fact, I just got one !! And surprise of surprises, its from a community bank that doesnt sell their loans.

Dont believe me ?  Call Steve McRory at Pro Option Mortgage in Clearwater, FL.

6.75%  10/1 ARM. No pay stubs, no tax returns. Just verification of assets, credit score, and cash on hand.

I am not aware of any law that outlaws these mortgages. Of course they dont meet Fannie guidelines, but that doesnt make them illegal.
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May 04 2009
No income loans do exist.They are an endangered species.What state are you in?
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May 04 2009
Profile picture for jonad1
I am in the same boat as you.  and I want to refi for a lower rate, but don't have tax income... widow.  have not found anyone yet that take my great credit score and big home to mortage ratio ..only owe 15% on my house 
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April 06 2009
Profile picture for taximan1
Thanks websight.

I also found stated income terms at Florida Mortgage Corp. They do exist, and are starting to show up more and more. A good sign !

terms are about 1.5 - 2.0 percent higher than conforming rates, and expect to pay between 1-3 points.

Most banks and brokers that say they arent available really mean they dont have them.
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March 27 2009
DTI = Debt to Income.
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March 27 2009
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I saw a company recently that is still offering SISA loans (Stated Income Stated Asset) loans. I know that these loans are hard to come by but the team at Capital Line still has some sources that will do them if everything lines up.

Check out their information here: Stated Income Stated Asset Loan.
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March 27 2009
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thanks Rudi,

DTI ??  I assume you mean "back end ratio" ?


taximan
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March 18 2009
Tax,

There are Stated Income Loans available. Although, they all require the borrower to complete a form for the lender to receive the borrower's last two years tax returns. Most lenders will not exceed 45% Debt to Income (DTI) Ratio.

If your current tax returns indicate a higher DTI, to get approved for a loan currently, you would need to have your CPA file Amended Tax Returns for the past two years showing your DTI at 45% or less. . .... Best wishes, Rudi
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March 18 2009
To answer your question: Are any no income verification loans available for 798 FICO and over 20% down payment ?
THERE ARE NO "NO INCOME OR STATED LOANS" out there. JR
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March 17 2009
If the tax losses are COL's (Carry over losses) from previous years, then this will not count against you.  If they are actual business expense losses, then one business is supporting the other netting you zero income or less.  This and the individual checks will not be acceptable sources to qualify. 
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March 11 2009
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I have tax returns, but the problem is that I am the general partner of an LLc and a stockholder of another LLC that gave me some tax losses on my individual return.

I issue my self checks out of my LLC when I need income. I can provide copies of the checks payable to me over the year that substantiate the needed income. Would a lender accept these, even though I dont issue myself a W4 or paystub ?
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March 11 2009
Hello Taximan,
Unfortunately, the days of stated income loans are no longer available.  Traditional lending has seen a high risk towards these loans and investors and the market do not see these as safe transactions at this time.  However, you still may find private investors or hard-money loans available but at a higher rate and cost.

Consult with your CPA or tax advisor to see if you can amend your previous 2 years returns and show "enough" adjusted gross income to qualify for your loan. 
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March 11 2009
None I am aware of. Can you supply income tax returns?
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March 11 2009
 
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