California No Doc Mortgages & No Income Verification Home Loans
Stated Income Loans
California no income verification mortgages, also called California no-doc mortgages or stated income mortgage loans, used to be more commonplace before the real estate housing crisis in 2008. With more restrictions in place in terms of how money is lent, particularly in the real estate world, it has become more of a challenge to get a no doc loan, however it is still possible when you work with the right lender.
Who Can Qualify for a No Doc Mortgage in California?
A no doc mortgage in California is generally for those who are self-employed and have a more complex income that doesn’t put you into the neat category of income requirements needed to get a traditional loan. However there are several benefits to a no income verification mortgage, including less paperwork, and the ability to close on a home faster than with a loan that requires extensive documentation. In addition, owing to the real estate crisis of 2008, today’s no doc mortgage in Los Angeles, California has more consumer protection than ever, giving you peace of mind as you secure financing for your home.
What Types of Loans are Considered No Doc Loans?
No documentation mortgages used to be called “stated income loans” and were great for the self-employed, those who worked on commission and similar types of work. Stated income loans are no longer available, however, these days, there are a variety of similar types of loans including:
SISA: SISA stands for Stated Income Stated Asset and these loans are made without needing to verify the borrower’s income or assets.
SIVA: Stated Income, Verified Assets: These types of loans are also known as bank statement loans and accept the value of your assets in lieu of a specific income declaration. A similar version to this is the NIVA, which stands for No Income, Verified Assets, where income isn’t factored into the equation.
And finally there’s NINA, No Income, No Asset loans. These rare loans are only available for those who invest in real estate rental properties and although they don’t require a stated income, they do require rental income that meets or exceeds the new mortgage payment.
How Do I Get a California No Doc Mortgage Loan?
There are several ways to go about getting a no income verification mortgage in California. For example, you may be able to use your bank statements as a way to estimate how much you qualify for when it comes to getting a home loan. You may also want to look into an asset-based mortgage, known as an asset depletion loan, where you’re qualified for a home loan based on the value of your liquid assets.
To learn more and to see if you qualify, it’s a good idea to work with a professional lender like the experts at LBC Mortgage. Our extensive experience working with non-traditional loans, including asset depletion loans, ITIN loans, 80-10-10 and more allow us the maximum amount of flexibility to help you get approved even if banks or other lenders say no. We’ve helped thousands of residents across Los Angeles and California statewide area to be able to afford a home when banks refused or moved too slowly on their application.
Plus, we’ll take the time to answer any questions you may have as well as explain the process to you every step of the way. If your income situation is tricky and you’re having difficulty getting banks to act quickly on your application, it’s worth getting to know the lenders at LBC Mortgage. We work with an expansive network that understands that in today’s world, traditional mortgages are becoming less and less common. We invite you to reach out to us and learn more about our process and our unrivaled determination to help you get financed easily!