Mortgage Options: What Is a No Income Loan?
The old way of thinking that everyone buys a house with one interest rate and 20% down is just FALSE.
The truth is that there are mortgages as creative as the homeowners behind them! One less conventional mortgage option available to homebuyers is the No Income Loan.
Have you heard of a No Income Loan?
A few quick facts about a No Income Loan:
- Income isn't taken into account, making this perfect for self-employed buyers, or those without long-term job history
- Buyers need a minimum credit score of 640, so work on building that credit now if you’re considering this type of loan!
- The minimum down payment with this loan is 20% (and can be as high as 30%), making this a very cash-heavy loan option
Think this option might be right for you? Want to know more about this and other loan options? Send us a message below and we'll connect you with one of our trusted local pros!
