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The type of home buyer who may be interested in a non-income verification home loan includes business owners, people living off of their investments, salespeople who make their living off of commissions, and others. Anyone can ask for what is also called known as no-doc mortgage, whether they can show proof of income or not. Explore your options when it comes to financing your home.
Prior to the most recent recession, which began in December 2007 and ended in 2009, according to some reports, no-doc mortgages were much more common as mortgage writers loosened their lending requirements in a bid to broaden their pool of borrowers. Since that recession, many mortgage companies have tightened their lending considerably, with some opting to no longer offer no-doc mortgages. Instead, some provide what are called low-doc mortgages where they require some paperwork from you, including state and federal tax returns, before they'll consider you for a loan. Determine what paperwork is required before choosing your mortgage.
Though no income verification mortgages may suit you, you may have to pay a much higher interest rate to secure one. Lenders base their mortgages on a number of factors, including risk. If they cannot determine your income then they may want you to assume a greater portion of that risk by
charging you more for your loan. To help you obtain a more favorable rate, consider providing additional paperwork to your prospective lender, including profit and loss statements, proof of assets, tax returns, and related home buyer documentation.
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