Sure, it happens every day, they are called no-doc loans, and they
don't require income verification. The interest rate is higher, but
the loans are out there, everywhere.
The No Doc program fills these needs:
No disclosure of income, employment or asset information required
No debt ratio calculations
There's even variations of no-doc loans
No Doc Loan
..."No Doc loan requires no employment, income, or assets to be stated
on your loan application. We do not verify any information beyond your
credit profile and the value of the property. Our No Doc lenders will
allow as little as a 5% down payment on an owner occupied home or
investment property depending on your credit profile. If you have had
credit issues in the past you may need to make a slightly higher down
payment but I can get the loan done. This is the product of choice if
your asset or income is difficult to verify or if you simply do not
want the "hassle" of traditional mortgage documentation. Your good
credit, a decent property and we are done.
Another option would be to add your employment to the application.
This program is frequently described as a "NINA" (No Income No Asset"
loan. In this case, we will verify your employment, but again, no
income or assets are on the application. If you are self employed, the
business must be verified with a business license, written contracts,
supplier invoices or similar documentation. If you are employed by a
company, we will verify your employment but nothing else. This small
bit of documentation will generally save you .125% on the interest
Yet another option would be to have us verify your assets but not
income or employment. Using this approach will require verifiable,
relatively liquid assets of not less than 6 months of your PITI.
Again, this bit of documentation will usually save you .125 on the
rate. If your situation will allow you to verify both assets and
employment, you are better served with the Stated or No Income
Verification program. If there is an issue with your debt to income
ratio, you may want to consider a No Ratio loan..."
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Hope this helps!
Search method: None, I work in the RE industry, so I just looked up
no-doc loan info.