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Are there any lenders / loans with no income verification requirements

Purchased home in July 2000 and refinanced in 2002 conventional (Fannie Mae) at 7%.. I believe I qualify for harp but not sure as my TV is less than 80%. I have lived in my house 15 years with no late payments. I work and always pay my bills on time. My credit score is very good (740-746). The problem is currently I am unable to verify income. What are my options? by dkkordish892 from Dallas, Texas. Dec 31st 2015 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Much more info needed.. specifically, what type of income to you have? Per Harp guidelines, not every borrower needs to prove their income, but they must be working and have income.. When your file is run through the automated underwriting system, the findings will determine what documentation will be required, but understand that most all HARP loans will require POI, even if the findings say it's not necessary, the lender might and most likely will. However there is an exception.. it's called Reserve Alternative: Borrower must document liquid financial reserves equal to 12 months ofthe new PITIA payments on the subject loan from acceptable sources (e.g., checking or savings accounts, CDs, money market funds, stocks, bonds, mutual funds, and retirement accounts. Basically, if your new mortgage payment is $1000 per month, you have to have $12,000 in some sort of asset account... Not every lender participates or accepts the "reserves alternative" exception, but there are some out there that will. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Dec 31st 2015
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