Name: Email: Address: City: State: Select State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Washington DC Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Zip: Newsletter Archive Home    Careers    Contact Us    Company Directory       Home > Loan Programs > No Income Verification Loan Program No Income Verification Loan Program The F&M Mortgage Group’s No Income Verification Loan Program is designed for home buyers who can afford a home purchase but have difficulty in or do not want to prove their income. Though this loan program traditionally comes with a slightly higher interest rate, the lending process is faster and requires less paperwork since there are fewer documents to verify. A popular, smart borrowing choice for sole proprietors, contractors and those with income resulting from self-employment or nontraditional sources such as retirement, this loan may also be a good choice for those with a limited or no established credit history. If you've had credit difficulties in the past, you may still qualify for a no income verification loan. At a minimum, your FICO credit score must be 640 or better. A lower credit score equals a higher interest rate, and conversely, a higher credit score means a lower rate and lower monthly payments. Fast Facts about No Income Verification Loans Down payment: You’ll need a down payment ranging from 5-30% of the new house purchase price. On-time payments: If you’ve had a mortgage in the recent past or are currently paying a mortgage, your payments must have been on time—or not more than 30 days late—for at least 12 months. Employment, not income: Though you need not verify income, you should be able to prove employment in the same job or occupation for two years. Compared with the average: Your affordability will be based on your stated income and that income should be in line—and will be compared— with the average income of others working in your occupation or employment field. With a no income verification loan, the mortgage approval is primarily contingent on your credit history, down payment, assets/income, and the value of the property you want to buy. The more you can verify with documentation and assets, the more attractive loan you'll be offered. Better rates are available if you can demonstrate that you have a few months of mortgage ‘reserve’ in liquid cash reserves. This reserve can be solely from one source or a reserve that’s combined from several sources such as cash, savings, checking, CD's, stocks, bonds or money market accounts, or even from your IRA, 401K or Keogh account. Contact your F&M Mortgage Group consultant to find out if a No Income Verification loan is the right loan for you!   Privacy Policy      Copyright © 2006 F&M Mortgage Group, LLC