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Are there no income verification loans?

I am self employed with 680 credit and $25k in the bank. Can I qualify for a loan? by delgadoh942120 from Houston, Texas. 26 days ago Reply


Sara Deere (Saraloveshomeloans)
#1 ranked lender in Kansas - 511 contributions

Why are you looking for no income verification loan? How long have you been self employed in the same job? More information is needed! You can contact me directly at saradeere@leader1.com.

26 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,000 contributions

The short answer is NO.. No income or stated income loans are illegal.. The Financial Reform Bill HR4173 signed into law by President Obama on 8/1/10 outlaws stated income and no doc loans. Section 1411 reads: ''(4) INCOME VERIFICATION.--A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability, including expected income or assets, by reviewing the consumer's Internal Revenue Service Form W-2, tax returns, payroll receipts, financial institution records, or other third-party documents that provide reasonably reliable evidence of the consumer's income or assets. For all your conforming loan (FHA, VA, USDA, Conventional), they will want to see tax returns, W2's, pay stubs, etc.. If you are self employed, but don't show enough income to qualify, then you cannot use any type of conforming loan.. Now, we have a non-conforming loan product which will look at your most recent 12 -24 months bank statements and based on your deposits, they can use that as proof of income.. But guidelines under this program vary from lender to lender..( we have several who offer this).. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

26 days ago
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Aslam ( Sonny) Mansoor Amlani (Liberty)
#59 ranked lender in Texas - 5 contributions

YES : If you are self employed and 680 Fico 20% down plus closing cost, yes we can do Non QM loan for Self employed Borrower ( No Tax Returns required )ThanksAslam Mansoor972 466 2551

26 days ago
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