What banks/mortgage lenders still present 'no income validation loans' (NIV) or 'stated income loans'?
use to be know as 'no doc loans'
--looking for a home mortgage loan
--I know that these types of loans require a higher down payment, (like more than 20%) and come next to higher interest rates,
--I'm self employed and would like to know if I can qualify for a mortgage lacking waiting 2 yrs for tax returns
Answers:
Yikes, as a self-employed borrower you are naturally complex risk. If you've been self-employed less than 3 years, probability are you're not making a profit and reporting losses to the IRS. Another strike.
Any lender who would give you a loan is probably about to stir out of business or is very shady. Your best bet is to pay bread and then take out a HELOC once you own enough history to show that you're making a profit.
conforming but only to a 75% loan on the sale price and with a 720 or higher gain
Related Questions:
What are non mortgage loans?
what are some examples of these kinds of loans and are there any other name for non mortgage loans? Student loans, for one. Even payday loans are technically considered loans! Non mortgage loans are loans to buy car (when a saloon is collateral for such loan), personal loans...
--looking for a home mortgage loan
--I know that these types of loans require a higher down payment, (like more than 20%) and come next to higher interest rates,
--I'm self employed and would like to know if I can qualify for a mortgage lacking waiting 2 yrs for tax returns
Answers:
Yikes, as a self-employed borrower you are naturally complex risk. If you've been self-employed less than 3 years, probability are you're not making a profit and reporting losses to the IRS. Another strike.
Any lender who would give you a loan is probably about to stir out of business or is very shady. Your best bet is to pay bread and then take out a HELOC once you own enough history to show that you're making a profit.
conforming but only to a 75% loan on the sale price and with a 720 or higher gain
Related Questions:
What are non mortgage loans?
what are some examples of these kinds of loans and are there any other name for non mortgage loans? Student loans, for one. Even payday loans are technically considered loans! Non mortgage loans are loans to buy car (when a saloon is collateral for such loan), personal loans...