Interesting that lenders provide programs for applicants who do not wish to verify their income.
These programs are known around the mortgage industry as: Stated Income No Doc, Lite Doc and a dozen or so other lender specific terms.
When lenders offer a non-disclosed income loan, the borrower is only required to meet 1 or 2 stipulations:
- prove he has been in the same line of work for at least 2 years
- show cash flow in lieu of income
What these specialty programs provide is the opportunity to purchase or refinance property without having to substaniate steady income.
Borrowers do not have to prove income; however, if they choose not to “prove” income they must either prove a business license or substainiate “cash flow”. (Personal or Business Bank sta). In some cases a letter from a CPA will work in lieu of a business license.
For example lets say you’re an applicant and you mostly pay your creditors on time. You have “fair” credit history; however, you elect not to prove your income.
Banks and lenders want to do business with persons like you and the banks only want the you to “state” what you earn, and NOT PROVE what you earn. The following are 3 lenders which allow for undocumented income: Countrywide: accross the board Countrywide has more diverse product mix than any other lender. Another very good source for low rate non conforming mortgages is Wilmington Finance.
Should this mirror your situation and you wish to move up or take large cash out of your existing property and don’t want to provide proof of income…Wilmington definately has programs which are easy to qualify for. Lastly a great bank from the Midwest who’s cheaper than anyone for underwriting a conforming mortgage is Fifth Third Bank Fifth Third has a great product mix, caters to foreign nationals, and has the lowest costs.
The following are a list of occupations, trades, and careers which fit well with the Stated Income, No Doc programs: any owner of a small business, entrepreneurs, consultants, counselors, ministers, barbers, chiropractors, psychologists, nurses, real estate agents, and any hourly, salaried or W-2’s persons are considered worth candidates of these useful products.