A no revenue verification home equity loan is a second mortgage loan that does not want you to provide revenue documentation to qualify for the loan. This type of loan is great for homeowners who need a home equity loan but have hard to document income.
The majority of borrowers with hard to document revenue are whether self-employed or commission based employees. Consumers who fall under these categories may have high revenue but have a lot of company related deductions that they write off on their taxes. This is good on the one hand as it reduces the chargeable revenue and thus the whole of taxes owed, however, when it comes to getting a home loan it can hurt as most lenders use the average of your last 2 years chargeable net revenue (the whole left after all of your deductions) to resolve your revenue outline for qualifying purposes. This may cause you to have a debt to revenue ratio question if you have a high debt load and thus keep you from qualifying for the loan. With a no revenue verification home equity loan, however, your gross revenue can be used for qualifying purposes as opposed to the net income.
In order to qualify for a no revenue verification home equity loan you will, in most cases, need good prestige and a high prestige score. Expect to pay a higher rate for this type of loan as opposed to a original loan in which you have to document your income. Also, even though a no revenue verification loan does not want you to document your income, some lenders may want that you have a sure dollar value of assets on hand which must be verified. Not all lenders have this requirement though - some lenders offer a schedule called Nina which stands for "no revenue no assets" meaning you do not have to document either. Loan guidelines and rates vary from lender to lender so it is a good idea to shop around to increase your chances of getting the best deal available to you.
For more facts on no revenue verification home equity loans, or to assess rates and programs of home equity loan lenders visit http://www.equityloansource.com
No income Verification Home Equity Loan
