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September 25th, 2006

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Home Equity loans with no Verifiable income

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Home Equity loans with no Verifiable income.
A no income verification home equity loan is essentially a second mortgage loan that does not require a loan applicant to provide income documentation in order to qualify for the loan. This type of loan works well for homeowners who need a home equity loan but have hard to document income.
The majority of loan applicants with hard to document income are self-employed or commission based professionals. Consumers who fall with in these categories may have high to medium income and have a lot of business related deductions that they use to write off on taxes.
This has a double edge sword effect as it reduces the taxable income and the amount of taxes owed, The other side of the sword is, when it comes down to getting a home loan it can hurt as most lenders use an average of your last 2 years of taxable net income “the amount left after all of your deductions” to determine your income for qualifying purposes. This scenario causes you to have a debt to income ratio problem, you have a high debt load and this keeps you from qualifying for a conventional loan. With a no income verification home equity loan, however, your gross income is used for qualifying purposes as opposed to the net income.
In order for you to qualify for a no income verification home equity loan you will need good credit and a high credit score. Choosing a no income verification loan will also mean you will pay a higher rate for this type of loan as opposed to a traditional loan in which you have to document your income. Even though a no income verification loan does not require you to document your income, some larger lenders may require that you have a certain dollar value of assets on hand which must be verified. Not all lenders have this requirement though - some lenders offer a program called NINA which stands for “no income no assets” meaning you do not have to document either. Loan guidelines and rates vary from lender to lender so it is a good idea to shop around to increase your chances of getting the best deal available to you.

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