If you are thinking about buying a house, but you have a unique financial situation that makes applying for traditional mortgages somewhat of a pain, you will want to consider applying for a no income verification loan. It might sound too good to be true, but there is such a thing as a loan that can be received without having to jump through a million hoops. To help you get a better understanding as to why the no income verification loan can be a good thing, you will want to check out the following.
You Don't Have To Provide A Paper Trail For Your Down Payment
A lot of people will need a down payment in order to qualify for a loan. Others might simply want to put down a lot of money in order to reduce the amount of their monthly payments. After all, the bigger your down payment, the less you are actually borrowing from a lender. However, a lot of those same people will struggle with coming up with the paper trail for that money that the lender insists on having. Some people are given money as a gift. Some people have saved all of their cash in a fireproof safe that's under their bed. With the no income verification loans, you will not need to prove where your cash came from.
You Don't Need To Find Bank Statements, Pay Stubs, And Tax Returns
Even if you can gain access to your bank statements, pay stubs, and tax returns, it can take a lot of work to gather all of them. Also, those things may not give an accurate representation of how well you are able to manage your finances. If you know that you can take what you earn and pay everything you need to pay, you probably do not want to hear someone tell you something different. With the no income verification loans, you do not have to provide any of that paperwork.
Now that you have a better understanding of what makes the no income verification loan different and how it can make the entire purchase process easier for you, it's time to find a lender. Remember, not all lenders have the ability to offer a no income verification loan. Therefore, you might want to speak with a mortgage broker to see what insight they can give you. They have connections with all of the major, and even the smaller, loan companies, and they may have a good idea of who would be more likely to offer no income verification loans.
For more information, contact a company that offers no income verification loans.