No Income Verification Home Equity Loan Clarksburg WV

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

Huntington Banks
(304) 624-7686
RR 19
Clarksburg, WV
Citifinancial
(304) 622-5233
522 Emily Dr
Clarksburg, WV
Citifinancial
(304) 624-5418
201 W Main St
Clarksburg, WV
Cnac
(304) 624-7070
# I-79
Clarksburg, WV
Jericho Mortgage Co
(304) 326-2580
215 W Main St
Clarksburg, WV
Rowland Marietta Inc
(304) 624-7070
Clarksburg, WV
Citifinancial
(304) 757-0390
4144 State Route 34 Ste 9
Hurricane, WV
Countrywide Home Loans
(304) 757-5988
100 Great Teays Blvd Ste 3
Scott Depot, WV
Countrywide Home Loans
(304) 736-7200
6007 US Route 60 E
Barboursville, WV
Huntington Banks
(304) 363-5800
103 Adams St
Fairmont, WV

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

Merrill Lynch

(704) 362-3379
4500 Cameron Valley Pkwy
Charlotte, NC

Related Local Event
Notice of Judicial Sale -Real Estate Tax Sales
Dates: 10/30/2009 - 10/30/2009
Location: Greene County Fairgrounds,4H Building
Waynesburg, PA
View Details

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History