There are many people today that receive an income but have no way to prove they do. These can be people who are self employed, artists, musicians or a number of other professions that do not have a built in salary. Some of these people may even be in debt or have bad credit and this shouldn't stop them from being able to get a mortgage loan if they own their own home. Being unable to prove your income can make some banks concerned you may not be able to pay them back when applying for a mortgage loan.
Non status mortgage options are for those people who cannot provide proof of an income source when they are applying for a mortgage. Being paid infrequently or unscheduled will make some banks think that you will be unable to make repayments. Owning your home and having a structured settlement or annuity will make it easier to get a non status loan if you are unable to work.
Anyone that is unable to provide proof of income and some people with bad credit may be able to apply for a non status mortgage. If you will be able to pay back the loan, you will have a greater chance of being able to take out the loan with a non status mortgage. A person who applies for a non status mortgage should not lie about their income status to get a larger loan, as it will adversely affect their credit rating if unable to make repayments.
Some advantages to getting a non status mortgage are being approved for a mortgage without providing proof of your income, getting a larger amount based on how much you actually do make and being approved for a non status more easily than a standard mortgage option. Getting a non status mortgage may be a good option if you are unable to get a standard mortgage loan.
Being unable to pay back the non status mortgage will put you at risk of losing your home. When you put your home up for collateral with a non status home, you may not be able to get the full value of the equity on your home. Losing your home for less than it is worth along with paying a 5%-20% deposit on the loan can be real disadvantages, especially for those who were dishonest to get a higher loan amount.
Non status mortgage options can be found through your local bank or lending institutions. A visit to your home from an appraiser or representative may be required. There are also options that you can find online that may be of better convenience.
Closing Comments
Getting a non status mortgage loan can be a great help to those who need money right away but have no other options for standard loans. Many lenders are willing to give a non status mortgage to individuals who are able to make the deposit regardless of proof of income.
Non status mortgage options are for those people who cannot provide proof of an income source when they are applying for a mortgage. Being paid infrequently or unscheduled will make some banks think that you will be unable to make repayments. Owning your home and having a structured settlement or annuity will make it easier to get a non status loan if you are unable to work.
Anyone that is unable to provide proof of income and some people with bad credit may be able to apply for a non status mortgage. If you will be able to pay back the loan, you will have a greater chance of being able to take out the loan with a non status mortgage. A person who applies for a non status mortgage should not lie about their income status to get a larger loan, as it will adversely affect their credit rating if unable to make repayments.
Some advantages to getting a non status mortgage are being approved for a mortgage without providing proof of your income, getting a larger amount based on how much you actually do make and being approved for a non status more easily than a standard mortgage option. Getting a non status mortgage may be a good option if you are unable to get a standard mortgage loan.
Being unable to pay back the non status mortgage will put you at risk of losing your home. When you put your home up for collateral with a non status home, you may not be able to get the full value of the equity on your home. Losing your home for less than it is worth along with paying a 5%-20% deposit on the loan can be real disadvantages, especially for those who were dishonest to get a higher loan amount.
Non status mortgage options can be found through your local bank or lending institutions. A visit to your home from an appraiser or representative may be required. There are also options that you can find online that may be of better convenience.
Closing Comments
Getting a non status mortgage loan can be a great help to those who need money right away but have no other options for standard loans. Many lenders are willing to give a non status mortgage to individuals who are able to make the deposit regardless of proof of income.
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