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Welcome To
gokhanyolcu.net
No Income, No Asset Verification
& Stated Income Loans
How do they work?
No income and no asset verification and stated income mortgages are
specialty loans that do not verify a borrower’s income or assets
with traditional documentation, such as those who are self-employed
or salaried.
What are the benefits of the No Income,
No Asset Verification & Stated Income Mortgage Loans?
In a traditional mortgage, most of the
paperwork is comprised of income verification documents.
These types of loan programs allow a credit worthy borrower to access
financing through no traditional documentation. There are a variety
of programs available. Some programs even allow a borrower to
finance 100% of the property value
for a refinance or a purchase.
Another benefit is that since your income
is 'stated' your debt to income ratio is pretty much invalid at this
point as long as what is stated meets the DTI guidelines.
Stated Income Mortgage Loans are available
for Single Family, Townhouse, some manufactured housing, and low
rise condos. Some programs allow high rise condos 2-4 unit
buildings, second homes, or investment properties but are slightly
more expensive or require more equity. Allowable uses are for
purchase or rate and term refinance. The programs will allow a "cash
out" refinance but there are limitations on the allowable cash back.
The one thing to keep in mind with true NO Doc Mortgages is that the
lender only has your credit profile and property to evaluate. If
your situation allows verification of either employment or assets
you will save some money because you have lowered the lenders risk.
The choice is yours.
For more information on these types of loan programs, simply complete
the online form and an Associate will contact you within 24 hours to
discuss the details.
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Buying A Home
