Can I Buy a Home Without Proof of Income?
The mortgage application process remains lengthy. Lenders use four weeks to three months to verify the applicant’s ability to repay the home loan in full and on time. They request several financial documents to spot trends in a homebuyer’s spending habits, even when they earn above $100,000.
For several years, lenders allowed applicants to obtain a no-doc mortgage if they could provide no proof of income. Mortgage House is a non-bank lender. Therefore, homebuyers could obtain this home loan through our loan specialists with more ease than through banks. Banks must remain conservative in their lending practices. They service savings accounts and deposits. Thus, banks must maintain a level of liquidity daily.
Mortgage House works with clients who can only provide alternative forms of financial documentation. Our team understands that some individuals come across a settlement payout or inheritance that helps them purchase a home. Sometimes, they live off those large one-time payments and no other income.
Our loan specialists have proprietary tools that allow them to evaluate mortgage applications efficiently. Once they understand your financial situation, they search for the most appropriate loan terms. It’s possible to balance a large deposit, guarantor, and some financial documentation to arrive at acceptable mortgage terms. Down the road, it’s possible to refinance your home loan, too.
No Proof of Income and Home Loans Conclusion
It’s no longer possible to obtain a home loan with no proof of income. Mortgage House is among the lenders that issue low doc home loans. Our loan specialists can dive deeper into the requirements of this mortgage. Contact our team today.