No Income Home Equity Loans

The borrower will need to disclose earnings usually for two years and might need to show tax returns and bank statements.

No income home equity loans. The most common home equity loan is one where a homeowner is self employed but claims very little income. Stated income loans or low doc loans typically attract people who work on a cash or commission basis or people who don t draw a consistent salary. Available only for investment properties current no income no asset nina loans are approved based on projected rental income for the property being purchased. This type of loan is great for homeowners who need a home equity loan but have hard to document income.

While most mortgage lenders ask for your tax returns no income verification mortgages instead consider other factors such as available assets home equity and overall cash flow. No income home equity loans and equity lines of credit are an easy way for self employed borrowers to get access to cash without having to dip into personal savings or paying super high interest rates from unsecured loans. 600 credit scores hybrid refinance arm s fixed rate equity loans 15 20 and 30 year amortization interest only mortgages available. Gone are the days where anyone can qualify for a no credit check home loan but we have seen several new programs featuring no income verified opportunities for qualified applicants.

One of the situations we help our clients solve often revolves around how to get a home equity loan with low income. A no income verification home equity loan is a second mortgage loan that does not require you to provide income documentation to qualify for the loan. Typically as long as the rent covers the new mortgage payment then no income or asset documentation is needed. 30 60 and 90 day mortgage lates ok.

Stated income or low doc loans. Finding a company that offers a stated income mortgage refinance or no income equity loan is not as easy as it was a decade ago. No income no assets home equity loan nina nationwide mortgage loans offers reduced documentation home equity loans and 2nd mortgages with no income and no assets required for qualified borrowers. No income verification home equity loan heloc and refinance credit line highlights.

To get a home equity loan you ll need to prove you have enough income coming in each month to pay all of your existing debts plus the new debt you ll be taking on with this loan. No income no asset loans. No income verification mortgages also called stated income mortgages allow applicants to qualify using non standard income documentation. Self employed borrowers independent contractors and many sales persons need a reduced documentation second mortgage because gathering the paper work that underwriters require would be a nightmare.