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Can I get a loan with no proof of income?

My bf has horrible credit and has been at his job for 3 years and I have great credit but I am self employed. by gebreillla.contrz717 from Houston, Texas. 21 days ago Reply


Mary Papageorge (MaryPapageorge)
#95 ranked lender in Texas - 47 contributions

If you are self-employed - you must show at least a 2 year history by providing tax returns in order to qualify. If you have deductions on Schedule C - some of them may be where we can add it back in as income. If your bf is over 580 - we can still qualify with only 3.50% down. Let me know if you have any other questions. You can reach me at 713-569-0025 - Mary Papageorge

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

The short answer is NO.. 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, there is 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.. It's best to contact someone local and ask them if they offer a Bank Statement loan.. and look at the guidelines.. For the lenders that we use.. you can only use 1 account, not a combination of multiple accounts.. If it's your personal account, then we only need 12 months.. if it's a business account, we require 24 months.. Your local lender offering these programs might have different rules.. 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

21 days ago
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Jeff Albrecht (jeff.albrecht)
#96 ranked lender in Texas - 75 contributions

All 3 of us correct in our responses. We do have several Portfolio loans based upon your last 2 years Bank Statements for Primary Residences, and we have a Stated Income loan program for rental properties. No, you can't claim it as a rental, then live in it. Texas has "Homestead" property rights - the determining factor is "WHERE do YOU sleep at night?" Call me to discuss this further or email me at Info@JeffAlbrecht.com

21 days ago
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Dale Corley (TheLoanAngel)
#111 ranked lender in Georgia - 3 contributions

In lieu of tax returns, we offer a Business Bank Statement or Personal Bank Statement loan program for self-employed borrowers in your situation to determine their income. We average the most recent deposits over 12 to 24 months. Credit score(s) of (620+) and LTV's up to 90% determine the rate. We underwrite and service these loans in-house, so if you have any questions, feel free to call me at 404-844-5623. I'm licensed in TX, GA, NC, and soon in CA. - Dale Corley at Angel Oak Home Loans NMLS# 1547543

21 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

There is no such thing as a no proof of income loan. Those have not existed since 2007. Self employed in and of itself isn't a problem. We look at your last two years federal tax returns to see what you make. It is more complicated than this, but essentially what you report to the IRS as taxable income is what we will use for qualifying income. Your next option is generally bank statement loans, where they take 100% of personal deposits, or 50% of business deposits and use that as qualifying income. For loans like this in MN, WI, and SD, visit me at www.JoeMetzler.com

20 days ago
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