How's this work? I'll be working in a cash business so I won't have paychecks to show the bank. And I won't have been there long enough for income tax reporting.
I've heard there are mortgages you can get where you don't have to verify your income, but I know nothing about it. Do you pay a much higher rate?
Any details would be appreciated.
MarcellaBella
Posted:
Member since
Re: no income check loans
you basically hit it on the head.. usually, you pay a higher rate...is your credit good?
we were told if you have a credit score of 680 or higher they don't have to check your income...
If you have been timely...and no major credit issues...you should be above it...John was just at that score and he doesn't have a great credit report...lol
LisaT
Posted:
Member since
Re: no income check loans
we have excellent credit
how much higher is the interest?
MarcellaBella
Posted:
Member since
Re: no income check loans
depends on the bank.. we were told that it could be up to 2 % or more
cooky11111
Posted:
Member since
Re: no income check loans
Lisa a no income is usually 20% down. The rate is maybe a point to a point and a half higher.
We looked into a 7 1/4 % (that was with a clause that we could refinance later - otherwise I think it was 6 3/4%) interest rate with 20% down...no income check...
