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No Income Verification Home Equity Loan Michigan

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

Raymond James & Associated
(989)837-6558
Dijak Wealth Management Group - Tim Dijak
Midland, MI
Back On Track Credit Repair
(866) 824-9427
8838 E. 34 ROAD
Cadillac, MI
Pro Energy Consultants
517-206-7033
3167 rockingham way
Jackson, MI
Kathryn M Schram - State Farm Insurance
586-949-9555
: 48875 Gratiot Ave
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CamNet Financial Solutions
616 644-1827
232 Arbor Dr NE
Rockford, MI
Gem Commercial Credit, Inc.
248-477-2170
34026 Navin Ave
Livonia, MI
MichiganHealthBroker, INC
586-604-9669
14859 Durussel
Sterling Heights, MI
Independent Wealth Management
231-929-1086 x1005
236 1/2 E. Front St.
Traverse City, MI
PATRIOTIC TAX SERVICE
(989) 252-0770
330 S Washington Ave.
Saginaw, MI
Velocity Investment Partners
734-474-2677
22 E Cross St
Ypsilanti, MI

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


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thePhantomWriters Article Submission Service

Featured Local Company

Raymond James & Associated

(989)837-6558
Dijak Wealth Management Group - Tim Dijak
Midland, MI
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