Where Can You Get A No Income Verification 95% Mortgage Loan

By Benjamin Robert Ehinger

What is a No Income Verification 95% Mortgage Loan

Basically a no income verification 95% mortgage loan is a loan that will not require you to prove your income and it will give you up to 95% of the value of your home in the loan. This is a good way to go if you fit the right profile and you need to understand a few things about the no income verification 95% mortgage loan.

Are you in need of a mortgage, but already know that you are going to struggle to prove how much you really make as a self-employed individual, tipped employee, or independent contractor? Do you need your mortgage to be 95% of the value of the home on a refinance or a purchase? There are ways to get a no income verification 95% mortgage loan without much trouble. Here are the things you will need and why these loans will work for you.

A Few Tips for Getting a No Income Verification 95% Mortgage Loan

First, you need to understand that a 95% loan means that if the home is worth $100,000, then you are taking out a $95,000 mortgage. This does not mean that if you owe $75,000 on your home that you are going to get a full $20,000 in cash out. There are fees to consider and you will probably get between $15,000 and $18,000 cash out on a refinance.

On a purchase, this means that you need 5% down plus fees or close to 7% or 8% down. This is not a very large down payment in percentage terms, and this will actually start you off with a little bit of equity in your home, which is a good thing.

Second, understand that to get a no income verification mortgage loan you are going to need very good credit. Especially to get 95% of the home value in a loan. Your credit will need to be pretty much spotless and at least a 700 fico score. You can get a lower loan value if you have a lower score, but anything below a 650 and you will really struggle to find anybody that will even consider working with you on a no income mortgage loan.

Last, you have to understand your situation. If you work a regular job and have for a long time, then you should not even be considering a no income mortgage. This means you have a loan broker or account executive that cannot get you done with a traditional program and wants to talk you into a mortgage you probably cannot afford. Do not allow this to happen.

However, if you work for tips, are paid cash under the table, or are self-employed, then you probably have trouble proving exactly what your real income is. This is where the no income verification 95% mortgage loan is perfect for you and you should start with this type of program because it was built for you.

Where you Can Find a No Income Verification 95% Mortgage Loan Online?

There are many online lenders that you can use for a no income verification 95% mortgage loan. One of these lenders is called LendGo. They help you with many things other than just your mortgage, but this is where they specialize. You can certainly find a no income verification 95% mortgage loan with LendGo.

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