mortgages, credit very good, but no proof of income verification?

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wants to get a mortgage, my cousin is a good credit score of 790 and has an income of about $ 2,100 per month and my cousin are documents such as paychecks and tax returns the documents to prove their income . I also have very good credit score is 756 and I had a job and can not prove your income, so I have no documents to prove tulu.Kas is a problem for us to get approved for a loan amount of about $ 250k? I’ll file a tax return very quickly I will be able to prove your home loan andja.Kas imcome we both have income tax, despite the credit rating very good? What do we need the approval process? Documentation? Thank you

1 Comment
  1. Reply
    January 21, 2011 at 12:47 pm

    Credit history shows your willingness to pay back debt.

    DTI (debt to income ratio) shows your ABILITY to repay a loan.

    Even if someone has outstanding credit they have to be able to repay the loan. Loan officers have to document income to show the customer is capable of paying off the loan.

    Generally in self employment cases you will need 2 years tax returns.

    This area has gotten MUCH MORE STRICT in the credit crunch. “No Doc” loans (no supporting documentation) are among the most problematic loans. They were even renamed within the industry “Liar Loans” because simple math was used to find out what they would have to claim as income to qualify for the home purchase and people would frequently lie since there was no documentation being done.

    These loans are still out there for high credit people like yourselves but if you have to resort to a “No Doc” loan be prepared to pay a MUCH HIGHER interest rate.

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