No Income Check Loans?
Question: Anyone out there have any experience with no income/asset check mortgages? Are they a good deal? What are the requirements? Any information greatly appreciated.
Answer: Their is the Beacon Program!….. HERE’S HOW WE CAN HELP YOU GET THE HOME OF YOUR CHOICE! By utilizing a new twist to an old method… You select the home you . We buy the home using our credit line and simply owner finance the property back to you.
We can help persons who have been turned down through TRADITIONAL MORTGAGE sources because of CREDIT PROBLEMS, NOT BEING ON THE JOB LONG ENOUGH, NOT ENOUGH DOWN PAYMENT, MONTHLY DEBTS ARE TOO HIGH, NO BANK ACCOUNTS,SELF-EMPLOYED,”PROBLEMS WITH INCOME VERIFICATION”. Unlike the Banks and other institutions,we don’t put much stock in Credit Records. No income/asset verification loans.
Yes, they are a good deal if you have any one of the following qualifications:
1. 20% down 2. Good Credit score (over 640) 3. 20% equity in current re-finance property
Most investors want to see one these things to qualify you on a no income/asset verification loan.
Depending on which criteria you use to qualify(i.e. credit or down payment), you can get rates as low as 6.5% currently. ( adjustable rate) Fixed rates will be around 7.875%.
If you have bad credit and not much money down, you may still be able to qualify but with either a higher rate or perhaps simply an asset verification.
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Filed under: Bad Credit
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