NO INCOME VERIFICATION LOAN SPECIFICALLY DESIGNED FOR SELF EMPLOYED PEOPLE

2007-03-08 10:33:40

( Financial )



No income verification loan is specifically designed for self employed individuals and sales people who earn based on commissions. These people used to have a hard time accessing financing for their homes due to the absence of financial documents to verify their income.

Fluctuating income history of self employed and commissioned sales people were also a factor why they have a hard time accessing financial help from lenders. The history of the nature of their income generation is considered risky by lenders since it is not certain how much is the exact amount of income they generate in a month or whether their income will be even enough to pay off monthly amortization payments. Some of them might not be earning income in certain months which will be considered risky by lenders since it means that they cannot repay their monthly amortizations.

No income verification loan does not consider the importance of fluctuating income history of self employed and commissioned sales people. It does not require years of financial statements to establish their average income. Lenders only want to establish that you have been operating your business for two years. It can be established through presentation of business permits or other alternative documents. Thus, borrowers are not required to go through the hassle of procuring financial statements and other documents to support the financial status of their businesses.

The financial market for self employed and commissioned sales people has been showing an increasing trend through the years. Many people are becoming self employed by putting up businesses and earning on commission basis. Lenders have realized their high demand for financial products and are trying to address their requirements for financing. No income verification loan is the product that lenders specifically designed for them. It addresses their mortgage requirements within the parameters of their ability to pay off the mortgage.


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