The No-Income Verification Mortgage is a unique product that doesn't require the borrower to provide any income documentation. The borrower doesn't even need to be employed to utilize this product. This product is strictly for Primary Residences and Second Homes.

After the 2008 crash, many thought that there was no alternative for borrower's who may not be able to document enough income to meet the debt to income ratio requirements of a conventional loan. This product not only exists, but has been in place and thriving for many years. There have been safeguards put into place to protect the borrower, the lender, and to avoid any semblance of what occurred in 2008.

For the right borrower, this product is the perfect fit allowing them to purchase or refinance a home when they might otherwise be unable to.

This product is best suited for these types of borrowers:

• - Self-Employed / Small Business Owners
• - Volatile or Irregular Employment
• - Retired
• - Seasonal or Gig Workers
  
• - Owners and Employees of Cash Businesses
  
• - Change of Industry or type of Employment
  
• - Recent Immigrants
  

A minimum credit score of 640 will be required for all borrowers. In addition you will need to document 1 credit tradeline that has been active for the last 24 months. As an alternative, 2 years of documented rental payment history can be utilized or 2 credit tradelines with a 12 month history, will also be acceptable.

A 30 day verification of funds for down-payment, closing costs, and reserves will be required. Funds for down-payment and closing costs can be in the form of a gift. Up to 24 months of reserves may be required depending on credit score and Loan to Value.

A full interior and exterior appraisal is required for all transactions regardless of the Loan to Value.

Homeowner Education Course completion is required.

In order to maximize the Loan to Value up to 80%, a minimum credit score of 740 is required. Eligible Borrowers include: US Citizens, Permanent Residents, Non-Permanent Residents with a valid social security number and Visa that meet lender's requirements.

Allowable Visa Types are  E-1, E-2, E-3, EB-5, G-1 through G-5, H-1B, L-1, NATO, O-1, R-1, & TN NAFTA

We offer the following loan types for this product:

• - 1 Year Fixed Rate ARM
• - 5 Year Fixed Rate ARM
• - 7 Year Fixed Rate ARM
• - 10 Year Fixed Rate ARM
  
• - 30 Year Fixed Rate
  

*All ARM products have a 6 month adjustment period after the initial fixed period and ARM Index based on 30 day average of SOFR*

This product is NOT offered in the state of Maryland or in the District of Columbia.

There are other loan requirements depending on circumstance, please reach out to a loan officer for specific loan questions.