Are you seeking a no income verification home equity loans and are tired of being denied because you are self-employed? Are you tired of explaining how your income fluctuates? At Home Equity Mart, our number one goal is to help our customers find the right home equity loan, even if you do not have the ability to document your income. If you are seeking a home equity loan that required a reduced amount of documentation, we will connect you to a lender who can get you approved a for a stated income home equity loan. We are dedicated to making sure that your home loan experience is as painless and stress free as possible. Apply now for a free, no-obligation quote, and let us help you reach your financial goals today!
Find Home Equity Loans with No Income Verification Required
Are you looking for a lender that approves no income home loans? HEM can connect you with several NIV loan programs that offer stated home equity loans and refinancing for people with reduced documentation.
- No Income Verification
- Stated Income
- Stated Assets
- Reduced Documentation
- Self-Employed OK
Self-employed homeowners may encounter challenges qualifying for traditional home equity loans due to their fluctuating income and stringent documentation requirements from lenders. Alternative reduced documentation equity loans, often referred to as bank statement loans, provide a solution by employing different methods to assess eligibility while still complying with the ability-to-pay standards outlined in the recently passed Congressional bill, the Frank-Dodd act.
In bank statement loans, lenders rely on the scrutiny of bank statements, typically spanning two years, to verify a borrower’s income instead of traditional documents such as tax returns and recent pay stubs. Each second mortgage lender has distinct underwriting criteria to calculate net income (income minus business expenses and taxes). If one home equity lender’s requirements are not met, there may be others with more favorable terms.
Bank statement loans are available through non-QM lenders, standing for non-qualifying mortgage lenders. This designation simply means that the no income verification home equity loan cannot be sold to traditional banks, as most mortgages are. It’s important to note that not all lenders offer non-QM equity loans, so thorough exploration is essential.
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