mortgage with no income verification and fair credit?

Question

Is it possible to get a mortgage with no income verification and fair credit 600-650 with a min of 20% down? Also condo complex is less than 50% owner occupied.

Answer 1

I think it is possible with self employed and commission sales with flexible incomes ,I just saw ad for Bank Of America offered a loan like this that gave you option of interest only,interest and prin. maybe one more on a month to month basis very flexible.

Answer 2

yes, this is possible. i have seen it done in the past. however, the credit score has to be really high and the banks ask for a decent bit down, along with a high interest rate. most likely, they will ask you to get someone to cosign the loan for you. there are options for you to buy a house though. if you can't verify your income or get a cosigner, look at alternative ways to own a house. one way is to find a person that cannot make their mortgage payments and enter in a land trust with them. there is where they legally give you possession of the property, however their name is still on the mortgage. the idea is that you pay off the mortgage for them. you get a house and they dont have to file ch.11. most lawyers can do this time of agreement for you without much expense. the key is to find the person willing to do it. many people will advertise online or in the paper. in the vast majority of cases it is people who went a little over their head in buying a house. they maybe bought a $400,000 house and paid off $50,000 of it during the past 3 years but can't keep up with the payments. so you can get the house without having to worry about a mortgage or spending 20% on a downpayment. you also get a house with an immediate $50k in equity. the problem is that these are usually high end homes, so they are going to be very nice but very expensive mortgages also.

Answer 3

No. Without income, you cannot make mortgage payments. That is the first thing banks and mortgage companies look at.