Did anyone ever hear of a no income check mortgage...

yup, I have one.

Its also called a stated income or a non-documented loan.

Basically they take your word for how much you make. One use is for people who are self-employed (like myself), or people making money on commissions or big bonuses or cash businesses where paychecks or last years w-2 wouldn't reflect their current income status.

They still require documentation to prove you have the $$/savings for downpayment, closing and 6 months worth of payments. But they don't require any proof of your income.

I think you need to have excellent credit and you generally have to pay a slightly higer interest rate.

From my understanding it is if you have a difficult time proving your income you can do this, but you pay a higher interest rate.

It seems like people who own their business or are in a profession that is mostly cash transactions do this, for example: bartendars, carpentars etc...

I am not completely sure I am correct though.

sorry, I messed up and posted my orginial post