Business of Self and No Income Verification mortgages are becoming popular choices for mortgages. They provide the opportunity for a borrower with a good credit score, to purchase a mortgage without verification of income. It is important to note that these loans are higher risk! As a result, some lenders have removed No Income Verification loans as mortgage solutions.
Who Qualifies for a Stated Loan?
Typically, these loans are only available to the self-employed borrower and require a significant down payment (25% or more). Additionally, the credit score of the borrower must be good otherwise you may pay even higher rates.
Tips for Getting a No Income Verification Mortgage
- Your declared income must be reasonable in comparison to the mortgage size you want
- You may be asked for a Notice of Assessment to prove you as proof that no income taxes owed
- Make sure your credit is as good as it can be, talk to our mortgage advisers to do a credit analysis 3 – 6 months before you need that mortgage to help repair your credit score
- Speak to a mortgage socialist to explore the option of a traditional mortgage* 1st and 2nd mortgages for any purpose.
- NO credit or beacon score requirements.
- NO debt servicing requirements.
- NO income verification required in virtually all cases
- BFS and Stated Income with no tax returns or NOA’s
- Virtually all forms of residential real estate considered
- Flexible payment terms – interest only, prepaid and interest accrual options
- Urban centers and Semi-Rural / Small Town properties considered
- We can deal with Bankruptcies, Collections, and Judgments – even Foreclosures!