This is one of the most elusive loans right now. It has taken to hiding, only showing itself under rare conditions. But they do exist, I have seen them.
What happened to this loan was an over hunting and poaching of this very good product. Originally, they were intended for a person that had great credit and assets but were unable to prove their income. They became abused by being offered to borrowers that never made anywhere near the amount of money they claimed, just to be able to buy a home that was way out of their reach financially.
But since the no income loans have been under a very protective government, they have started to reappear. Sightings are happening more often, and while they may never be mainstream again, you can find one if you qualify.
The best way to get a loan as described above is to do a version of streamline refinancing. FHA and VA are the best options, and the rate can be in the high 4's, with APR's in the 5's. They will waive the appraisal and just require proof that you have a job, as long as you have made your payments on time, with no late pays in the last 12 months.
The purpose of these coveted loans are to allow homeowners to lower their monthly interest rates (No cash out), without being penalized by the current market conditions. If you currently have a government loan and you want to see if you can lower you payments without an appraisal or having to prove your income, give me a call or contact me by email.
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