NO INCOME Verification and or No Tax Returns Required
No Ratio Loans
A No Ratio Mortgage does not require any verification of employment, tax returns or pay stubs. Gift funds are acceptable for 100% or portion of the down payment and closing cost.
Bank Statement Mortgages
Bank Statement program is a loan for eligible self-employed borrowers to purchase or refinance a home. This program allows personal or business bank statements to calculate income without requiring tax returns,W2's or pay stubs.
If you are self-employed or own your own business, you don't have W-2's or pay stubs. A bank statement loan requires only the bank statements of self-employed borrowers to determine if they can produce sufficient income to warrant approval for a mortgage loan.
Borrower's provide 12 to 24 month bank statements and the deposits are used to determine the borrower's net income, which is the amount of money earned after the borrower has paid taxes and business-related expenses.
Asset Utilization Loan
If you have an ample amount of cash reserves, employment verification isn’t a requirement. We take a look at your total assets to determine if you're qualified.
An asset-based mortgage is a loan that uses an individual's assets instead of income during the loan approval process. An asset-based loan (or asset depletion loan) is best for self employed borrowers or when retired or living on a fixed income.
Rather than using their income from employment, borrowers use an asset utilization loan to qualify for a mortgage provided they have substantial assets, such as a stock portfolio, substantial amount of cash in their bank accounts, retirement accounts, accounts receivable and investments that are easily liquidated to qualify.
Debt Service Ratio Loans { DSCR }
DSCR Loans are a type of No-Income loan used to purchase real estate investment properties. These loans are based on the cash flow of the property and not the income of the borrower. Debt service coverage ratio loans are typically used for rental real estate properties. The lender divides the market rental income produced by the property into the principal & interest, taxes and insurance cost, plus HOA fees if required, creating a Debt Service Ratio in lieu of a Debt to Income Ratio obtained by the borrower's gross monthly income to qualify the borrower. Therefore by utilizing the DSCR mortgage program , no tax returns , W2's or pay stubs are required to qualify.
