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No Income Verification Home Equity Loan California

A no income verification home equity loan is a second mortgage loan that does not require you to provide income documentation to qualify for the loan. This type of loan is great for homeowners who need a home equity loan but have hard to document incident.

Local Companies

Capital Resource Consultant
(650) 515-8709
637 Stonegate Dr.
So. San Francisco, CA

Resource Capital - Real Estate Financing
(916) 231-1332
1050 Iron Point Road
Folsom, CA

Indy Mac Bank
(818) 240-7870
1475 East Huntington Drive
Glendale, CA

Premier Bank of Glendale (proposed)
(949) 241-1291
589 Americana Way, Unit #305
Glendale, CA

Brown Armstrong Corporation
(559) 476-3592
8365 N. Fresno St #440
Fresno, CA

Dennis Bean & Company
(559) 221-5071
7110 N Fresno Street., Suite #460
Fresno, CA

Central Valley Community Bank -- River Park
(559) 447-3350
8375 N. Fresno
Fresno, CA

Westamerica Bank Shaw & First
(559) 243-4370
1172 E Shaw Ave
Fresno, CA

Bank of America Fashion Fair Branch
(559) 445-7350
590 E. Shaw
Fresno, CA

Bank of America Kerman Branch
(559) 846-9333
702 S. Madera Ave.
Kerman, CA

The majority of borrowers with hard to document income are either self-employed or commission based employees. Consumers who fall under these categories may have high income but have a lot of business related deductions that they write off on their taxes. This is good on the one hand as it reduces the taxable income and thus the amount of taxes owed, however, when it comes to getting a home loan it can hurt as most lenders use the average of your last 2 years taxable net income (the amount left after all of your deductions) to determine your income figure for qualifying purposes. This may cause you to have a debt to income ratio problem if you have a high debt load and thus keep you from qualifying for the loan. With a no income verification home equity loan, however, your gross income can be used for qualifying purposes as opposed to the net income.

In order to qualify for a no income verification home equity loan you will, in most cases, need good credit and a high credit score. Expect to pay a higher rate for this type of loan as opposed to a traditional loan in which you have to document your income. Also, even though a no income verification loan does not require you to document your income, some lenders may require that you have a certain dollar value of assets on hand which must be verified. Not all lenders have this requirement though - some lenders offer a program called NINA which stands for "no income no assets" meaning you do not have to document either. Loan guidelines and rates vary from lender to lender so it is a good idea to shop around to increase your chances of getting the best deal available to you.

For more information on no income verification home equity loans, or to compare rates and programs of home equity loan lenders visit http://www.equityloansource.com

About the Author:

Levetta Rivera is a successful mortgage broker and publisher of the following financial sites: http://www.equityloansource.com and http://www.militaryvaloan.com

militaryvaloan@earthlink.net

Article Source:

thePhantomWriters Article Submission Service

Featured Local Company

Capital Resource Consultant

(650) 515-8709
637 Stonegate Dr.
So. San Francisco, CA

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