No Income Verify

Americas MortgageBanc offers a wide variety of low documents and no documentation loans. You will find the better your credit your chances in qualifying for a reduced doc loan. Rates in this type of loan tend to be higher than conforming rates. Also some programs may require points. Listed below are the categories of reduced doc loans at your disposal. For more information or to prequalify call or contact us to discuss your needs.

Stated income loans are loans where the income on the loan application is not verified by any documentation. Debt ratios are still used but they have been designed to fit within the acceptable range. Assets are verified and credit must be good. Credit scores of 660 and up are generally the rule. Minor credit glitches may be overlooked but for the most part credit must be clean. This loan is prefect for the self-employed or borrowers with strong reserves who do not want to go through the hassle of tax return scrutiny. This loan carries the least premium of the category with rates generally running about 1/8 to ¼% higher.

This loan requires no income to be filled out on the application. For this reason there are no debt ratios calculated. Borrowers who do not want to give even a hint of their income would prefer to go this route. Assets are still verified and credit must be very good. No glitches with few exemptions. Credit scores of 680 and above are required. Rates will be ¼ to ½% higher than stated programs.

Borrowers who do not wish do document income or assets reserves can use this program. No income assets or reserves are listed on the loan application. Credit must be good with scores of 600 or higher needed to meet these program guidelines. Rates will range from ½ - 1% higher than a stated rate.

For borrowers who have excellent credit and wish to avoid supplying documentation. All that is needed is a credit report a good appraisal and you have a loan. The rate will be 1% higher than a stated rate.

These programs and many more are available. Call or contact us to assist you with your loan scenario.