What banks/mortgage lenders still offer ‘no income verification loans’ (NIV) or ‘stated income loans’?

Posted on Oct 1, 2012 in Stated Income Loans

Question by green: What banks/mortgage lenders still offer ‘no income verification loans’ (NIV) or ‘stated income loans’?
use to be know as ‘no doc loans’
–looking for a home mortgage loan
–I know that these types of loans require a higher down payment, (like more than 20%) and come with higher interest rates,
–I’m self employed and would like to know if I can qualify for a mortgage without waiting 2 yrs for tax returns

Best answer:

Answer by golferwhoworks
conforming but only to a 75% loan on the sales price and with a 720 or higher score

Know better? Leave your own answer in the comments!

4avg.rating 24 votes.

One Comment

  1. Yikes, as a self-employed borrower you are naturally higher risk. If you’ve been self-employed less than 3 years, odds are you’re not making a profit and reporting losses to the IRS. Another strike.

    Any lender who would give you a loan is probably about to go out of business or is very shady. Your best bet is to pay cash and then take out a HELOC once you have enough history to show that you’re making a profit.