No Income Verification Mortgage - Ideal for the Self Employed - Updated August 2008

No income mortgage loans - loans without income disclosed on the loan application - are no longer available. There are still a few varieties of stated loans available and depending on your situation they may work for you. The program information below no longer applies.

The no income verification loan program is a residential mortgage for borrowers with excellent credit, significant verified liquid assets and the financial capacity and employment experience to handle their proposed mortgage payment.

These loans have an extremely low delinquency rate due to strict underwriting criteria and and we cannot make exceptions. It is a portfolio loan for one of our lender partners and it is not a stated income loan. You must be able to prove that you have the financial capacity to handle the mortgage payment and you must meet the minimum requirements below. We only lend direct to the consumer...no brokers please.

No Income Verification Loan minimum requirements:

• 700 middle FICO score (720 if newly self-employed or refinancing with cash out)
• Verification of assets including down payment, cash to close and 10% of loan amount in cash reserves
• Excellent credit and a lengthly credit history
• At least 20% down for a purchase
• Maximum available loan amount is $2,000,000
• Secondary financing is allowed, but not from the seller or builder
• 1 unit properties only
• Second homes are eligible
• NO investment properties
• Maximum amount of cash out $500,000 ($200,000 for a second home)
• Geographic restrictions: Not available in CA, MD, IL, NY, Dade County, FL, ME, AK, HI

Maximum loan to value for purchase or refinance:

• 80% to $650,000
• 75% to $1MM
• 70% to $1.5MM
• 65% to $2MM
• Please contact us for second homes as numbers differ slightly

Declining Markets Policy

If the home you are looking to finance is in a "declining market" (where real estate values are declining or at risk to decline) then the above loan to values will be reduced between 5 and 15% in most cases or they may not be available at all.

Please contact us for additional information. 1-800-414-5285