Do you struggle to prove your real income because you are a tipped employee, self employed, or for another reason? This is why NINA or No Income, No Asset No doc loans were created. These are set up to require very little documentation at all and are very much based on your credit. Here are a few situation that NINA no doc loans would work great for.
First, these were intended for the self employed borrower because this borrower will most times struggle to prove their full income due to business expenses and other issues. This makes it hard to show taxes with the full amount of income that the individual is making and it can also make it hard to qualify for a traditional mortgage regardless of how good this borrowers credit is.
Second, if you work as an independant contractor or get paid cash under the table for your work. This can also make it very hard to prove your real income and to show what you make when you work. When you struggle to provide income proof you are almost always disqualified from getting the traditional type of mortgage, but the NINA no doc loan will help you get what you need.
Last, the tipped employee is the perfect person for the No Income No Assests home loan. This person rarely claims all of their tips so they do not show up on their paycheck or on their taxes. They may be pulling in almost $1,000 a week, but only claiming they made around $500. This makes is very difficult to qualify for a mortgage, but with good credit and the NINA no doc loans you will be able to get the mortgage you need.
No Doc Equity Loan with No Income Verification/