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What is a no income verification refinance? Also known as a no doc mortgage or a stated income loan, a no income verification refinance is a type of mortgage refinance that does not require the...
With a true no-doc mortgage, borrowers aren’t required to submit paperwork to substantiate their income or assets. Instead, they sign a declaration stating that they’re able to repay the loan.
No-income-verification mortgage programs are available to qualified borrowers to refinance government-backed mortgages. Homeowners who have paid on time over the past year and have an FHA loan, a U.S. Department of Veterans Affairs (VA) loan or a U.S. Department of Agriculture (USDA) loan may be eligible for one of these reduced-document ...
No-income verification mortgages, or no doc loans, don’t require you to provide proof of a traditional income stream through W-2s or tax returns. Instead, you can qualify for the loan based on your assets.
A no-doc mortgage — also referred to as a no-income verification mortgage — does not require a lender to verify how much you earn with pay stubs and W-2s. These types of loans are also...
No income verification mortgages do not require standard income documentation such as pay stubs, W2s or tax returns. Instead, mortgage lenders may accept alternative forms of proof, such as bank statements, to show that you can repay the loan.
The no-income-verification mortgage, with its battered reputation, remains an option for some borrowers who have trouble getting a traditional home loan. You might know this loan by other...
The acronym “NINJA” refers to “no income, no job, no assets” — in a NINJA loan, lenders issue a mortgage based mainly on the borrower’s credit score. History of NINA loans. Before the 2007-08 financial crisis, NINA loans were commonly used to buy or refinance owner-occupied homes.
As the name suggests, a no income verification mortgage is a home loan product that is accessible to borrowers without standard income documentation. This includes W2 forms, pay stubs, tax returns or other employment information.
You may qualify for a new mortgage through refinance, even if you’ve lost your job or experienced a pay cut, as no income or employment verification is required. Plus, government-backed...