No income Verification Second Mortgages

No Income Verification Second Mortgages

No income verified 2nd mortgage loans are typically priced higher because of the inherent risk that comes with no income documentation. Self employed borrowers pose a bigger risk of defaulting on their loan, so the rate charged is higher in most cases.

Typically borrowers will need more equity in their home as well. 80% cltv is standard for stated income 2nd mortgages if the borrowers have good credit. In some cases 2nd mortgages are approved at 90 or 95% cltv for no income verified scenarios.

Stated income/verified assets: Income is disclosed and the source of the income is verified, but the amount is not verified. Typically, the borrower’s liquid assets are verified, and must meet a specified amount depending upon the loan program. The traditional requirement is 3- 6 months of stated income and two months of expected monthly housing expense.

We suggest no income verification loans for
self employed borrowers

Call 1-800-980-1254 to find out if refinancing your second mortgage makes sense.

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1526 University Blvd. West Jacksonville FL 32217
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