{"id":6527,"date":"2023-06-24T15:38:14","date_gmt":"2023-06-24T19:38:14","guid":{"rendered":"https:\/\/dreamhomefinancing.com\/?p=6527"},"modified":"2024-01-04T02:36:28","modified_gmt":"2024-01-04T07:36:28","slug":"no-income-loans","status":"publish","type":"post","link":"https:\/\/dreamhomefinancing.com\/no-income-loans\/","title":{"rendered":"No Income Loans for 2024 – Purchase or Refinance"},"content":{"rendered":"

\"No<\/span><\/p>\n

You may have previously been denied for a mortgage if you were applying without income or without a job.\u00a0 However, there are options for you and reasons to have hope. Your ability to get financed for a no income loan will come down to your credit scores, down payment, assets, and the purpose for the loan.<\/span><\/p>\n

No Income Loans<\/span><\/h2>\n

You can purchase or refinance a home without any income documentation at all. The loan options available to you will However, there are various reasons why a lender is not able to accept\u00a0 your income. We will go through those scenarios and will provide you with a no income loan option for each.<\/span><\/p>\n

Loans for Unemployed People with No Income<\/span><\/h3>\n

If you are unemployed without any documentable income, you may have two mortgage options available to you:<\/span><\/p>\n

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  1. The first is a stated income loan. With this mortgage program, you are not required to document your income at all. The lender will rely solely upon your credit scores and down payment. A cash out refinance is available with this program but you may be limited to\u00a0 70-75% of the appraised value of the home. Read more about stated income loans<\/a><\/span><\/strong>.<\/span><\/li>\n
  2. The next program is an asset based mortgage for people without income but have a significant amount of liquid assets. This is often called an asset depletion loan<\/strong><\/span><\/a> and is perfect for people who are recently retired or who have sold a business and are looking to purchase their next home.<\/span><\/li>\n<\/ol>\n

    Loans for Employed People who Do Not Have Enough Income<\/span><\/h3>\n

    One of the challenges that some people face is they have a steady job, but do not have enough income to qualify for the loan amount they need. If this is your situation, here are some options for you.<\/span><\/p>\n

    Find a cosigner<\/strong> – Adding a cosigner to your mortgage can help you to qualify by adding their income to your application. Something to consider is you will also bring the debt on their credit report into your application. This means you should look for a cosigner who has income but a small amount of debt. If the cosigner has bad credit, that can hurt your ability to qualify.<\/span><\/p>\n

    Consider an FHA loan<\/strong> – One of the benefits of an FHA loan is the program will allow you to stretch your income and qualify for a higher loan amount vs a conventional loan. This is a perfect solution for people who do have income, but just not enough. Read more about FHA loans<\/span><\/strong><\/a>.<\/span><\/p>\n

    Stated Income Loan<\/strong> – A stated income loan will allow you to gain an approval for a mortgage that you may not qualify for using a conventional loan<\/a><\/span><\/strong>. The down payment and interest rate for this loan is going to be higher.<\/span><\/p>\n