It doesn’t get more groundbreaking than this. Under no income verification mortgage loans, your debt-to-income ratio won’t be calculated. And you don’t even have to state your income or verify your employment.
Beginning in March 2021, an exciting new feature was added to the No-Ratio program.
Not only is there no requirement to state your income, but now, you also don’t even have to verify your employment.
Previously, under a no income verification mortgage in Florida, the lender had required a written verification of your employment from your employer, or a CPA letter if self-employed.
Those requirements no longer exist.
This means you can get to the closing table even faster.
A mortgage without income verification is also known as a “No Ratio Loan” because your debt-to-income ratio (DTI) is not a factor at all. This could be the key to getting a self-employed mortgage in Florida and purchasing or refinancing your primary residence or second home.
This program works whether you’re self-employed, employed, or not employed at all.
Under no-proof-of-income loans for the self-employed or employed, there are no DTI requirements. Hence, why this program is also referred to as the “No-Ratio Loan”.
Unlike home loans without tax returns, you don’t have to prove your income at all with no income verification mortgages.
Like all things in life, there are tradeoffs. To take advantage of loans for the self-employed with no proof of income, you need above-average credit history (minimum 680 FICO). And, while the maximum loan-to-values are somewhat conservative (75% to 80% LTV for purchases and rate-and-term refinances; 65% to 70% LTV for cash-out refinances), gift funds are allowed for any down payment, closing costs, and reserves.
No-Ratio Loans (loans without proof of income or employment) have several benefits. Here are just three:
No income verification loans will get you to the closing table quickly. With no income or employment requirements, you can be confident you'll meet your closing deadline to purchase or refinance.
This is truly a no income check mortgage. You can literally have zero income and still qualify for this loan. You do not have to provide a single tax return, paystub, or profit-and-loss statement. Your DTI won't even be calculated. Simple.
Nor do you have to prove your employment. The lender won't contact your employer to verify your employment. As for self-employed loans with no proof of income, the lender won't require a CPA letter to prove your business existence.
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When it comes to self-employed loans and no proof of income, we’ve got you covered. Under the No-Ratio program, we helped a self-employed chef get clear to close in record time — only 13 business days. He was able to close on the purchase of his new home ahead of schedule. The process was streamlined because he didn’t have to submit any proof of income or employment at all.
Our client, a real estate investor who recently retired in Los Angeles, California, wanted to move to Florida. Given his recent retirement, he showed no income. He was the perfect candidate for no income verification home loans. Thanks to the No-Ratio program, he is now a Florida resident enjoying ocean views from his Miami Beach penthouse.
Loans with no income verification are not only available for purchasing property. They’re also available if you’re looking for a cash-out refinance. Our client, a self-employed entrepreneur with unsteady income, took advantage of the No-Ratio program to pull equity from her primary residence in Miami, Florida.
No income verification mortgages (also known as “No-Ratio Loans”) are super creative. At DAK Mortgage, we’ve successfully provided this solution for many of our clients.
Identify a lender that offers no income verification mortgage loans. These lenders are very specialized and usually don’t work directly with borrowers. Therefore, find a mortgage broker who has relationships with these lenders. The mortgage broker will save you time and connect you with the right lender for your situation.
Absolutely. Many individuals with no income such as unemployed individuals, students, and retirees are able to get a loan to buy a new home. Under a no income verification mortgage, the lender looks at other factors such as credit score and assets to determine whether you can repay the loan.
Yes. Under a no income verification mortgage loan, you don’t have to provide any proof of income. That means, if you’re employed, you don’t have to provide a single tax return or paystub. If you’re self-employed, you don’t have to provide a profit and loss statement or CPA letter.
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The content provided within this website is presented for information purposes only. All programs, rates, terms, and conditions are subject to change without notice. Loan approval is dependent on borrower credit, collateral, financial history, program availability, and other factors that are subject to change without notice. Other restrictions may apply. This is not an offer to lend. DA Krebs, Inc. dba DAK Mortgage | NMLS #1922428 www.nmlsconsumeraccess.org | Florida Mortgage Broker License #MBR3365 | Equal Housing Opportunity
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David A. Krebs
NMLS # 285280
DA Krebs, Inc. dba DAK Mortgage
NMLS # 1922428
1080 Brickell Avenue, #3106
Miami, Florida 33131