In short, No. When the mortgage and housing market collapsed, banks and the big mortgage companies (those still standing) completely eliminated no income verification mortgages and in particular no income verification jumbo loans. The only place to get such a loan is either through seller financing (sellers rarely verify income) or through private jumbo financing such as our programs.
October 15, 2009
October 1, 2009
Are Stated Income Jumbo Loans the same as a No Credit Check Jumbo Loans
A stated income jumbo loan is NOT the same as a no credit check jumbo loan. Usually, the difference is for a stated income mortgage loan, credit is not only checked to see if the borrower qualifies for the program but credit is THE main qualifier used. On no credit check jumbo loans, there is NO credit check at all. The primary qualifier is proof of the down payment. Also for our no doc mortgage program, there is no seasoning on the down payment required.