NO INCOME VERIFICATION LOANS
No income verification loans are also known as:
- No Tax Return Home Loans
- Limited Proof of Income Loans
- No Ratio Loans
With a No Income Verification Loan, your debt-to-income (DTI) ratio will not be calculated, and no income or verification of employment will be used. This loan is perfect if you have a high DTI or a hard time showing income. The other positive attribute of this type of loan is that Gift Money is allowed.
Overview
Qualifications of no income verification loans:
- An above average credit score (minimum of a 680 Fico score)
- 75%-80% LTV for purchase and rate-and-term refinances
- 65%-70% LTV for cash out loans
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