At MortgageDepot, we believe that Pennsylvania real estate investors shouldn’t be held back due to a nontraditional income source. That’s why we are experts in No Income Check mortgages. These flexible programs are designed specifically for borrowers who might have trouble producing standard income verification documents.
No Income Check Program Benefits
We often investigate No Income Check mortgages for borrowers who receive a commission as a significant part of their salary, self-employed borrowers and retirees. Here are some of the highlights of these types of loans:
Borrowers don’t need to produce tax returns, pay stubs or W2 forms to qualify for financing.
In Pennsylvania, a No Income Check mortgage can be used for single-family, multi-family and mixed-use investment properties.
You can also use a No Income Check mortgage to purchase commercial properties.
Borrowers can obtain up to $3 million for their property purchase.
There is no limit on the number of properties that an investor can own under the No Income Check program.
No Income Check Program Eligibility Requirements
To qualify for a No Income Check loan, borrowers must:
Provide a 25% down payment for a purchase.
Have a 75% loan-to-value (LTV) ratio for a refinance transaction.
Meet other specific requirements as discussed with a loan officer.
Although a No Income Check loan can be the key to your real estate success, there are several eligibility requirements in addition to the down payment and LTV. At MortgageDepot, we employ loan officers who specialize in No Income Check programs in Pennsylvania. They will determine if you qualify and offer alternatives as needed.
Another Option for Occupancy
If you plan to occupy your real estate investment, you might not qualify for a No Income Check loan. We strongly recommend that you contact one of our loan officers to learn about our Bank Statement program which offers similar benefits to borrowers who are purchasing a primary residence.
Contact MortgageDepot Today!
At MortgageDepot, we have a comprehensive portfolio of mortgage products that will set you up for real estate success. Call us for a quote today!