Are you tired of struggling to get a home loan or a refinance of your mortgage? Do you have pretty good credit, but have been turned down due to struggles with proving your real income? This happens with certain types of individuals and that is why there are loans with no proof of income that you can apply for. Here are some reasons why you might want a loan that does not require you to prove your income.
Mortgages are based on three things primarily, your credit score or FICO score, your debt to income ratio or DTI, and the amount of equity you are working with or the amount you can put down if you are purchasing. This makes it very difficult to get a loan if you have a good income, but cannot prove that you make as much as you really do. There are certain situations that make it hard to prove the right income.
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First, if you are a small business owner, then you know that proving what you actually make is difficult. You may not claim all of your cash payments and you might have expenses that figure into your income and make it difficult to figure out what you really make. One way to fix this is to pay yourself a salary by check, but then you would have to wait 2 years so that you have proof of income for a couple years. Another way is with a no proof of income mortgage.
Second, if you are a tipped employee that makes most of your money in cash, then you probably do not claim all of your tips or even half of them so you struggle to prove your income. Your paychecks might show that you only made 0 in a week when you really made more like 0. This makes it very hard to get a loan of any type and it can be difficult to get your income high enough to qualify for a standard mortgage.
Third, if you are an independent contractor or you work for cash under the table, then you will struggle to get a mortgage of any type. The problem is you have nothing to prove your income and that makes getting a mortgage very difficult.
In all of these situations using loans with no proof of income is a great way to get the mortgage you need. You can contact a mortgage broker to find out what your options are.
Loans With No Proof of Income
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