There are constant changes when it comes to no income check loans and that is because the issue of occupancy. Lenders are not allowed to make no income loans on primary residences. The property must always need to be an investment property. So there are always lending guideline changes.
The most recent one is that the no income check mortgage will be hard to obtain for SFR (single family residences) when it comes to purchases, it will still be available for refinancing purposes but don’t forget the property must be an your investment property. As a mortgage broker we work with multiple lenders that handle stated income loans and we are still able to allocate a lender that will lend on 1 family residence for purchase transactions,
To contact us for more information please call 800-842-2910.