mortgages and loans

The No Income Verification loan is ideal for self-employed applicants and for borrowers who have unstable income, such as commissioned employees, recently employed borrowers and applicants who receive a large amount of cash (undocumented) income.
However, the NIV program is also used by salaried borrowers who cannot qualify for a loan, based on their documented income.
The NIV options is available—at a cost (see below)—to borrowers with a wide range of credit and employment situations. Thus, applicants with D-credit in the middle of a bankruptcy or foreclosure can still qualify for a No Income Verification loan.
A note of caution: just becase you can qualify for a no income verification loan doesn’t mean you should go through with financing. The no income verification programs allows borrowers unable to document sufficient income to obain financing. But, applicants and borrowers should not overlook the question of whether he or she can actually afford the loan. The whole purpose of income qualification is to project the applicant’s ability to repay the loan. You may be qualified to receive a $500,000 NIV loan, but if you’re only earning a $30,000 annual salary (with no other income), then this loan is probably a bad idea.