Can I Get a Mortgage without Proof of Income?
It’s not possible to obtain a home loan without proof of income for the mortgage. The process to obtain a mortgage takes between one to three months. Income verification is the bulk of the process. Lenders are willing to help homebuyers finance their home purchases. However, lenders must ensure that the home buyer can repay the home loan in its entirety.
Conventional mortgages require three months of bank statements and payslips. The bank statements alone allow lenders to see the health of the applicant’s finances.
If you cannot provide three months of payslips, forms exist that allow lenders to verify your income. For example, you will submit the Income Verification Form. By completing it fully, you attest that an income stream does exist. Then, the loan specialists verify the information you supply in your mortgage application.
Lenders know that more individuals are becoming freelancers and small business owners. Therefore, your income varies by season or you reinvest a good portion back into your company.
Mortgage House remains a forward thinker in the lending market. Thus, we help homebuyers apply for no doc and low doc home loans. We also help clients refinance their home loan when it’s time.
Proof of Income for Mortgage Conclusion
A homebuyer who aims to finance their home purchase must provide proof of income for the mortgage. The good news is that several ways to verify income exist. Mortgage House loan specialists can walk you through the various methods based on your current financial circumstances. Contact our team today.