Mortgage applicants may have trouble getting approved if their debt levels are too high relative to their income. At SteveKnowsLoans, our seasoned loan officers have the answer in the form of no-ratio mortgages. As a mortgage broker, we have access to a wide variety of lending options for our borrowers, including traditional mortgages and alternative loan products like no-ratio mortgages for those who cannot prove their income.
What a no-ratio mortgage can do for you
The debt-to-income ratio is one factor considered by lenders when considering whether or not to provide financing for a conventional mortgage. Lenders may reject loan applications from borrowers whose debt-to-income ratios are higher than the maximum level specified in their lending documents underwriting requirements.
Borrowers with excellent credit scores who can’t provide the proof of income needed by conventional lenders may qualify for a no-ratio mortgage. Borrowers in a hurry to close on their loan could benefit from a shorter closing timeline if they don’t have to wait as long for the mortgage application to be processed.
Specifics of our interest-only mortgage
No-ratio mortgage lenders focus on a borrower’s credit and general financial profile instead of using documents like tax returns, wage stubs, and W-2s to determine whether or not to provide a loan. No-ratio mortgages are popular among self-employed borrowers because of their less stringent documentation requirements, but they can also be useful for salaried borrowers who have unprovable sources of income.
The following are some of the benefits of a no-ratio mortgage from SteveKnowsLoans:
- Maximum 75% LTV allowed
- It is possible to get a loan without waiting for assets to mature.
- No proof of income or filing of taxes
- Larger loans are available, up to $2.5 million.
- The entire country is eligible for a loan.
- There are no limits for cash-out refinancing.
- Verification of funds is reduced to just the earnest money check and one month’s bank statements.
- Investment properties may be purchased with interest-only financing.
- Gifts may account for up to 100% of a borrower’s funding.
- We provide 30-year and 15-year fixed-rate mortgages, as well as 7/1 and 5/1 adjustable-rate mortgages, all through our no-ratio lending program.
SteveKnowsLoans: Call Us Right Now!
When it comes to our no-ratio mortgage loans, our seasoned loan officers are here to help.
Call Steven Jackson at 813-616-9411 now!
