Getting A Loan Without Proof Of Employment
There are many people today that receive an income but have no way to prove they do. These can be people who are self employed, artists, musicians or a number of other professions that do not have a built in salary. Some of these people may even be in debt or have bad credit and this shouldn’t stop them from being able to get a mortgage loan if they own their own home. Being unable to prove your income can make some banks concerned you may not be able to pay them back when applying for a mortgage loan.
Non status mortgage options are for those people who cannot provide proof of an income source when they are applying for a mortgage. Being paid infrequently or unscheduled will make some banks think that you will be unable to make repayments. Owning your home and having a structured settlement or annuity will make it easier to get a non status loan if you are unable to work.
Having bad credit or having an income source that is definite but unscheduled will qualify most people for a non status mortgage. Being able to pay back the loan is more important to the lender than where you are getting your money from. Getting a mortgage loan through this method can be great when you are honest about your income situation. Being dishonest may get you a larger loan, but being unable to repay will be bad for your credit history.
Some advantages to getting a non status mortgage are being approved for a mortgage without providing proof of your income, getting a larger amount based on how much you actually do make and being approved for a non status more easily than a standard mortgage option. Getting a non status mortgage may be a good option if you are unable to get a standard mortgage loan.
Some of the disadvantages of getting a non status mortgage are paying down payments anywhere from 5%-20% depending on the lender and how much you are borrowing, also if you borrow an amount that you will not be able to pay back, you end up putting your home at risk. Losing your home may not be worth the risk when you borrow less than what your home is actually worth.
Checking out your local lending institutions or banks may give you an idea of whether or not they offer non status mortgages. Many banks and lenders require a visit to your home to determine the value of the home and the available equity on the home. Many banks and lenders have options available online for non status loans that offer greater convenience.
Closing Comments
People without proof of income are not without options for mortgage loans. Getting a non status loan can be easily accomplished by doing some research and contacting a bank or lender.
