NO INCOME VERIFICATION LOANS

Stated income and no income verification mortgage loans in New York are designed for those who don’t completely claim all their income come tax time.

The people who benefited from stated income and other types of no income verification mortgage loans in New York are the self-employed borrowers and cash income people like waiters and taxi drivers.

There are still a few programs for the No Income Verification Mortgage Loans in New York, however review all your options first before deciding what route you need to take.

We offer Non-QM loans in New York (Non-Qualified Mortgage) designed for self-employed borrowers like freelancers, contractors, musicians, retirees and others that can use alternative income documentation to obtain home loan.

 Who Gives No Income Verification Mortgage?

There are still a few no income verification mortgage loans available in New York, although they are being done at very low equity positions usually 75% and below.

If you a person with great credit, who has been running their own business for many years and can’t qualify for a loan based on your tax returns, you are going to need a hefty down payment.

My advice for now is to analyze your income and really see if you need a no income loan.

Many times customers had come to me saying they needed a No Income Verification Loans because of their situation, but on further review did qualify on a full documentation loan.

If you are self-employed, make sure you are working with a loan officer who understands the complexities of self-employed tax returns and who can look past the adjusted gross income. Many times there are figures that can be written back into the income such as depreciation. It is times like these where consumers really need the advice and professionalism of a true mortgage broker.