Financing in 21207>Question Details

Chrisdurrell, Home Buyer in 21207

Are home loans still available without income verification and a score in the 610 -620 range?

Asked by Chrisdurrell, 21207 Fri Nov 22, 2013

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There are lenders like myself that are able to do no income verification loans, or stated income loans. These types of loans usually have high down payment requirements and may require a higher credit score than that. I recommend that you speak with a lender like myself to see if your finances are strong enough to put you through a loan like this. So if you have any further questions or if you would like a loan feel free to contact me. Good Luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887
0 votes Thank Flag Link Mon Feb 3, 2014
It's possible but you need to talk with a lender or broker. A good friend of mine works at The Lenders Network, they actually specialize in lower credit score loans. I think 580 is the lowest score they can get borrowers approved at. Good luck!
0 votes Thank Flag Link Sat Nov 23, 2013
As a Broker in Maryland I don't know any lenders taking those applications or willing to assume that kind of risk. For various reasons it's in everyone's best interest that the loan file be fully doc'ed to include income, credit and asset verifications. Hope this helped.
0 votes Thank Flag Link Fri Nov 22, 2013
If you know someone that is rich you might be able to get them to loan you the money without income verification.

I know people who buy rental property exclusively using this method so they don't have to worry about the big banks telling them how many rental mortgages they are allowed to have at one time.
0 votes Thank Flag Link Fri Nov 22, 2013
Not from the secondary market, where most lenders sell their loans. In the traditional mortgage world we are required to verify the borrower can afford the home, hence verify income. “But I can afford the payment, I make a lot more money than what I report on my taxes” that’s the response I hear very often. So you want to put in writing, attest to it, that your tax returns are not accurate? Interesting concept. Even if you find such a lender it may not be a good move to apply, let alone close the deal. I would never swear and put it in writing to a lender that I earn more money than is reported on my tax return. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
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0 votes Thank Flag Link Fri Nov 22, 2013
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