No Ratio Home Loans
The No Ratio option typically requires a two-year employment history in the same business or profession as stated on the loan application. Self employed borrowers may utilize their CPA for employment verification. The program eliminates any reference to income which results in a no debt to income ratio qualification.
The No Ratio applicant will show a high regard for their financial obligations as reflected in their credit score model. Minimum Credit Score for this product starts at 620. Maximum CLTV is 100% using our 80/20 financing.
The applicant must state the specific sources of income (e.g. employer name, address, phone number, 401 (K), etc.) A verbal verification of employment is required, but income will not be verified. All assets are required to be verified through standard documentation. All other sections of the mortgage loan application must be fully completed and supported with standard documentation.
Features:
No income
verification requirements, regardless of income source
No income stated on application
No debt ratio calculations
Eligible Borrowers:
Purchase,
rate/term and cash out refinances available on primary residences, second
homes, and investment properties.
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