After the economic crisis of 2008, the mortgage rules and regulations across the industry changed quickly. At one time, there were stated income mortgage products where a potential buyer would simply have to state how much money they made without proving it with a form of work. These no income check mortgage products made it so people who were making less than what was stated could buy houses that they had no business buying because they could not afford the monthly payments.

Return of Stated Income Mortgage Products

Over the past couple of years, as the real estate market has continued to improve, there have been several no income check mortgage products return to the industry. Although these are easier on potential home buyers, there are some drawbacks to these mortgage products in the long run if they are not handled correctly. Anyone who signs up for one of these products needs to ensure that they can afford the monthly payments and expenses that go along with owning a larger house.

Home Prices

After the real estate crisis several years ago, home prices have continued to increase every year. As home prices continue on this upward trend, there are going to be many people who can no longer afford to buy a house with the standard way of financing, and these no income check mortgage products are probably going to increase in popularity. It is important to remember that even if a person qualifies for a mortgage, that does not necessarily mean that this is the best route to go when buying a home. However, it can also be a very convenient option for a person who does not want to bring a bunch of paperwork together for buying a home.


Although there are some downsides to the no income check mortgage, there are also some benefits for those that are responsible. First of all, it will save in closing costs on a home because the financing institution will not have to pay for an income or credit check. In addition, time is saved by both the borrower and lender not having to go through hundreds of forms in order to get approved for financing. There are many people who may own dozens of homes as a real estate investor and carry around all of that information in one place would be a daunting task. As long as both the borrower and lender are responsible in how they execute these deals, there are many things to like about the no income check mortgage.


At the end of the day, this is still a risky transaction for the lender and the borrower. A borrower needs to review the state of their finances carefully before they decide that they can afford to buy a home using this type of financing. A foreclosure is a terrible thing for anyone to go through and that pain can be prevented by doing homework ahead of time.

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