Can I get a mortgage without proof of income? Alaska

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Calculation example: with a loan amount of USD 100,000 at 10% per annum, for a period of 1 year, the total amount to be repaid will be equal to: USD 105,499.06, with a monthly payment: USD 8791.59. The consequences of not paying the loan are regulated by the legislation of USA.

    What is a mortgage without proof of income?

    A no-income mortgage, sometimes called an undocumented mortgage, is an option for borrowers with a non-traditional source of income or other source of assets. This type of loan does not require standard income documents to complete your loan. However, you need to prove that you have enough cash, savings, or other assets to make regular mortgage payments for the life of the loan.

    How does a no income mortgage work?

    Of course, the lender still needs to know that you can afford the loan. But instead of looking at your pay stubs or tax returns, the lender allows you to provide proof of your financial stability in other ways.
    For example, you may want to show bank statements or investment account balances to prove to a lender that you can afford your mortgage payments. In some cases, you can even use projected real estate rental income to qualify for a mortgage.

    Types of mortgages without documents

    Paperless loans come with several different options.
    While common before the financial crisis, loans without proof of income were also sometimes referred to as non-QM loans, but are no longer widely available to homebuyers. These loans are risky for lenders, so they require higher mortgage rates for borrowers.

        Claimed Income, Verified Assets (SIVA):

        for this type of loan, the lender often requires self-employed borrowers to provide proof of stable income in the form of bank statements. As a rule, self-employed and high income individuals are the first candidates for this type of loan.

    No income, proven assets (NIVA):

        with NIVA loans, lenders look at the borrower's assets. The goal is to have enough other assets that the lender could confiscate as collateral if credit falls. A typical candidate for a NIVA loan is a pensioner with cash reserves and limited income.

    Claimed Income, Claimed Assets (SISA):

    SISA loans are mortgage loans that do not really require any paperwork. Instead, the lender simply takes your word for it about your income and assets. This type of loan is not available for owner occupied property. But real estate investors can still get this type of loan.

    No income, no assets (NINA):

        NINA loans are for mortgages on investment properties. In this case, the lender looks at the potential rental income of the property. If the potential cash flow from the rental property can cover the monthly payment, a NINA loan is a potential option.

    No Income, No Job, No Assets (NINJA):

        in this case, the mortgage lender relies entirely on the claimed income, work, and assets of the applicant.