Search
Home Business Links
Related Links

 

 

Informative Articles

First time home buyers can find national and local mortgage lenders online
If you’re a first time home buyer, you might be intimidated by looking into home loans. There is a wealth of information online and offline to help you learn about the home loan application process, but you must know how to sift through all the...
Home Based Businesses are not just for mommies anymore…time to tap into a growing trend. Mommies move over…the seniors are here!
Many people hold the misconception that a home based business is only for women taking care of small children. WRONG! As a result of the corporate and private employment world’s covert adherence to age discrimination when hiring those over 50, the...
How the web has put power in the hands of the home business owner
The World Wide Web has done an amazing job of putting enormous power in the hands of the millions of individuals who have access to the net. One of the human endeavors that has benefited tremendously from the net is the home based businesses. Sadly...
So You Want To Start A Home Based Business
Are you interested in starting a home-based business? You may want to work from home for several reasons, including dissatisfaction with your current job, because you have small children or elderly parents that require you to be at home, or you may...
The Reality of Working at Home
I have spent the last five years trying to work at home and have had some success. The following are a few facts I have to share with people who are either trying to or have given up trying to work at home. Q. What about places that put up...
 
No Income Verification Home Equity Loan


A no income verification home equity loan is a second mortgage loan that does not require you to provide income documentation to qualify for the loan. This type of loan is great for homeowners who need a home equity loan but have hard to document income.

The majority of borrowers with hard to document income are either self-employed or commission based employees. Consumers who fall under these categories may have high income but have a lot of business related deductions that they write off on their taxes. This is good on the one hand as it reduces the taxable income and thus the amount of taxes owed, however, when it comes to getting a home loan it can hurt as most lenders use the average of your last 2 years taxable net income (the amount left after all of your deductions) to determine your income figure for qualifying purposes. This may cause you to have a debt to income ratio problem if you have a high debt load and thus keep you from qualifying for the loan. With a no income verification home equity loan, however, your gross income can be used for qualifying purposes as opposed to the net income.

In order to qualify for a no income verification home equity loan you will, in most cases, need good credit and a high credit score.


Expect to pay a higher rate for this type of loan as opposed to a traditional loan in which you have to document your income. Also, even though a no income verification loan does not require you to document your income, some lenders may require that you have a certain dollar value of assets on hand which must be verified. Not all lenders have this requirement though - some lenders offer a program called NINA which stands for "no income no assets" meaning you do not have to document either. Loan guidelines and rates vary from lender to lender so it is a good idea to shop around to increase your chances of getting the best deal available to you.

For more information on no income verification home equity loans, or to compare rates and programs of home equity loan lenders visit http://www.equityloansource.com

Levetta Rivera is a successful mortgage broker and publisher of the following financial sites: http://www.equityloansource.com and http://www.militaryvaloan.com


militaryvaloan@earthlink.net