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Historically, FHA loan is designed to assist lower income Americans to buy home during the Great Depression. Originally, the program was intended to give lenders with sufficient insurance. Today, FHA programs became self-supporting, and they serve people who can not afford down payment or qualify for conventional loans.
Some lenders may claim that they can offer FHA loans with no income verification. In reality, this is only a marketing gimmick. To qualify for any FHA loan, you need to verify your income. If you are self employed, you must be able to document our income and have been self employed for at least two years.
Alternatively, you may seek for no income verification home equity loan, if you can not provide income verification. This type of loan is designed for self-employed or commission based employees. To qualify for a no income verification home loan, you must have a good credit score, and you should expect to pay higher interest rates than conventional home loan or FHA loan. Although you may not need to document your income for no income verification home loan, some lenders will expect you to have a certain dollar value of assets.
Some lenders offer a program called “No Income No Assets”(NINA). With NINA, you don’t need to verify income and asset. The requirements are vary from lender to lender. Therefore, it is important to do your homework and shop around to get the best available.
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