No income-check or income-verification mortgage on owner occupied primary residence
MortgageDepot has no income-verification mortgages available for owner-occupied primary residences. Self-employed borrowers are being turned about by mortgage loan originators, but we have become the premier lender for stated income or no income-check financing for borrowers qualifying for the program we offer.
Difficulties faced by self-employed and others seeking financing
Self-employed individuals and people who are retired face challenges purchasing a home simply because most conventional loan programs require them to produce documentation verifying the income they state on a mortgage application. Documents they probably are missing include the following:
- Income tax returns
- Pay stubs
The rules followed by many lenders across the country exclude borrowers whose income is derived from any of the following sources:
- 1099 income
- Retirement income
- Irregular income sources, such as commissions
Speaking to a loan officer at MortgageDepot offers borrowers alternatives to conventional financing programs.
MortgageDepot no income-verification programs
The dedicated mortgage loan originators at MortgageDepot work with borrowers to find a lender offering no income-verification mortgages. Finding a lender is only the first step in helping our borrowers through the financing process. Stated income mortgages require completion of a standard mortgage application. MortgageDepot loan officers review the lender’s requirements for loan qualification and help borrowers complete the application before submitting it to the lender on their behalf.
Features of our stated-income financing program
Some of the features of the no income-verification mortgage program through MortgageDepot include the following:
- Minimum loan amount $500,000
- Maximum loan amount: $5,000,000
- Loan-to-value ratio: 50 percent based upon the lower of appraisal or purchase price
- Debt-to-income ratio: 43 percent
- Income tax returns: None required
- Minimum home size: 1,000 square feet
- Loans available for single-family homes and condominiums
Loans offer adjustable interest rates and are amortized over 30 years. Borrowers need only show a two-year history of employment in the same line of work or with the same employer to qualify.
Flexible property ownership options
Another of the features of a no income-verification mortgage through MortgageDepot is the flexibility of ownership methods. Title to the property may be held by any of the following:
- Limited liability company
Our loan officer will review the form of property ownership with the underwriters to ensure it conforms to the program requirements.
Call us today for a quote
MortgageDepot works with a select group of lenders offering no income-verification mortgage programs in most states. Borrowers should contact one of our mortgage loan originators to learn more about the mortgage financing programs we have to offer and obtain the most current information about terms and pricing.