No Income Verification Home Loans

A no income verification home loan is a second mortgage loan. Unlike other second mortgage loans, you are not required to provide income verification to qualify for the loan. This home loan is terrific for homeowners who want a home equity loan but have income that is hard to

Most people in this category are either self-employed or they work on a commission basis. These people normally have a high income but have a lot of business related deductions that are written off on their taxes. This reduces the taxable income on their tax return, but it can also hurt them when it comes to getting loans. Most online lenders use an average of the last 2 years of taxable net (not gross) income. This means they look at the amount left over after deductions.

If you are using a lot of deductions on your tax returns, your net income will be much less than the actual amount you are earning each year. This can cause a false impression on your credit report of a high debt to income ratio. A no income verification home loan is the perfect solution.

If you are looking to get a second mortgage of this type, you will need good to excellent credit. You should expect to pay a higher rate on this loan. Some online lenders may even insist that you have a certain dollar value of assets to serve as collateral. Home loan guidelines will depend on the specific lender, so make sure to get the details before you apply.