Stated income and no income verification mortgage loans in New York were designed for those who don’t completely claim all their income come tax time.
There are still a few no income verification mortgage loans available in New York, although they are being done at very low equity positions usually 75% and below.
These no income verification mortgages in NY are still good loans and should be available to the right people, but the industry has been beat up to the point of no common sense.
We offer Non-QM loans in New York (Non-Qualified Mortgage) designed for self-employed borrowers like freelancers, contractors, musicians, retirees and others that can use alternative income documentation to obtain home loan.
Call the home loan experts at Artisan Mortgage today at 1-800-499-0141 to learn more, prequalify here, or fill out the handy free rate quote form on this page to get started exploring your mortgage options.
Who Gives No Income Verification Mortgage?
Stated income and other types of no income verification mortgage loans in New York have almost completely vanished from the mortgage market. Wow, what a difference from 1 year ago.
For as long as i have been in the business (over 10 years now) there have always been some types of no income verification loans available in New York. However, that may not be the case today.
The people who benefited from these products were the self-employed borrowers and cash income people like waiters and taxi drivers. These products served a need in the market place but have been lumped in with the rest of the credit crisis.
If you a person with great credit, who has been running their own business for many years and can’t qualify for a loan based on your tax returns, you are going to need a hefty down payment.
The industry professionals know that we need to have these products available but we just have to wait for the dust to settle. My advice for now is to analyze your income and really see if you need a no income loan. Many times customers had come to me saying they needed a No Income Verification Loans because of their situation, but on further review did qualify on a full documentation loan. If you are self-employed, make sure you are working with a loan officer who understands the complexities of self-employed tax returns and who can look past the adjusted gross income. Many times there are figures that can be written back into the income such as depreciation. It is times like these where consumers really need the advice and professionalism of a true mortgage broker.
There are still a few dangling chad programs for the No Income Verification Loans, however review all your options first before deciding what route you need to take.
In due time, it all comes back around!
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