If you are reading this blog, chances are you have reached a time in your life when you feel ready to live a homeowner’s life. So, you want to buy a house but don’t have a decent income. You may be wondering how to access the funds needed to invest in residential real estate. If you look at mortgage requirements, you will find out how hard it can get for individuals to qualify. If you don’t have a steady flow of income but still wish to purchase a property, we suggest you look into no income verification mortgage loans. The Real Estate Funding Solutions team can help you get a no doc loan, but first, you need to understand what it is and how it works.
Who Can Use A No doc loan?
While several people may find this handy, a few common scenarios exist. You may want to read the following to check if any one of these situations may apply to you:
- You invest in some real estate and tend to carry over passive losses that eradicate your earnings on paper though you have a proven cash flow.
- You work on commission, and your income tends to vary monthly.
- You own a personal business and pay yourself without a paycheck or are a sole proprietor.
If you agree with these situations, you should get a no doc loan immediately. Contact Real Estate Funding Solutions to learn more.
How to Qualify For a No doc loan?
You can qualify for a no doc mortgage very quickly. It ideally requires you to provide documentation of your monthly income, but it is a different set of documents when compared to standard mortgages. You must have an IRS 1099 or be retired but have a steady income. You may even find a few organizations offering a no-income check program. To qualify, you need to deposit at least a 25% down payment for the total cost of your property and get 75% LTV (loan to value) financing for refinancing. A few other requirements exist, but that is the monetary minimum. You can find such lending programs across the country. Though you need to provide a significant outlay to qualify, you won’t have to provide the following:
- W2’S
- Tax returns
- Pay stubs
Using this program, you can easily qualify for a no doc mortgage of up to $3 million on investment property of 1 to 4 condos or residential units. Ideally, you can use such loans to purchase your primary residence. Other properties include mixed-use and multi-family properties of five or more units, office, retail, self-storage, and warehouse space. There are limitless properties you can buy using such a no-income verification loan. If you want to find out more about what this loan is, how it works, or the documents you need to get approval, we suggest you reach out to our team from Real Estate Funding Solutions as soon as possible.
How to Find No Doc Mortgage?
When you apply for a standard mortgage, you will learn that most lending institutions will look at your credit history as well as your income statements. You need a verifiable income that meets an appropriate level if you wish to get approval for your loan. This means that you must provide your employer’s name, pay stubs, address and phone number, tax returns, and a few copies of your bank statements. Your lender may even contact them via email, mail, or phone to verify your information. It applies to both an initial purchase mortgage and a refinancing loan.
So, what do you do if you are self-employed? What if you are a freelancer? You can always apply for a no doc loan via a private lending firm. While it may cut your interest rate, it can be handy in several promising situations.
At Real Estate Finding Solutions, We Are Here To Help!
At Real Estate Funding Solutions, all our professionals have years of training and experience dealing with several types of real estate loans. Our team has what it takes to help you find the best loan terms for your next big real estate purchase. We can also help you connect with potential no-income verification lenders who may provide you with the required funds. Moreover, our professionals will also guide you through the process and help you gather all the essential documents you need to prove to the lender that you can successfully repay the loan and not default.
Throughout their career as professional real estate experts, our team members from Real Estate Funding Solutions have helped several real estate investors land an excellent deal that gives enormous returns on their investments. If you have any questions related to no doc loans or wish to start the process of getting this type of loan, you can reach out to our team at 855-913-8637 right away!