Can I Buy a Home Without Proof of Income?
All loan products, including the Mortgage House car loan, require proof of income during the application process. Even when mortgage applicants place a significant down payment toward a home purchase, lenders must verify the applicant’s ability to repay the outstanding amount.
For example, some home buyers come into significant money through an inheritance or settlement. Thus, they can purchase a home even if their income is in a low bracket. Sometimes an inheritance only covers 60 to 70% of the home purchase. Thus, the buyer obtains a $100,000 home loan to cover the difference. They must prove that they can repay the mortgage even though they already covered the bulk of their purchase with cash.
Applicants who cannot provide the standard three months of payslips have alternative options at their disposal. In this case, lenders automatically move the applicant into the low doc or no-doc loan category.
Mortgage House offers this loan in several types including variable-rate, fixed-rate, owner-occupier, interest-only, among a few others. Next, the applicant receives the appropriate forms. If you are a small business owner, you will provide your company’s registered name information. Plus, you will include an income verification letter from your accountant.
Additional alternative verification methods include bank statements, tax returns, and a list of assets.
Once the application packet is complete, the loan specialist begins the verification process.
Proof of Income Conclusion
All mortgage applicants must provide proof of income. If you cannot provide three months of payslips, alternative ways to verify income exist. Our Mortgage House loan specialists have several tools at their disposal. To start the process, contact our team.