No Income Check Mixed Use Program
Know More about the No Income Check Mixed Use Program
At times, you are unable to give any financial information when applying for a mixed use property loan or refinance. In such a case, you only have one option – use a no income check mixed use program. This program allows you to apply for the loan by stating your income instead of verifying it. This makes the process short and convenient.
How Does this Program Work?
When you state your income, the lender compares this figure against an existing national database that shows how much mortgage you can get and the terms. It is important that you don’t overstate the amount so that you are able to repay the loan without any problem.
The loan application process is just like any other loan. The lender looks at several factors before terming you eligible for the loan. One is the loan-to-value (LTV) ratio. This is an important risk factor that represents the available equity in your home. To qualify, your LTV must be 75 percent or lower.
The Debt Service Coverage Ratio (DSCR) is another important risk factor. This determines your repayment ability. It shows your ability not only to pay the loan, but the related costs as well. Most lenders prefer a DSCR of more than 1.2. This shows that for every $1.2 of the net income from your home, you have to pay $1 of your loan.
How Can You Get this Loan Quickly?
You need to realize that not all lenders offer this program for mixed use property. This is why we took time and identified reliable lenders who offer the program at competitive rates. At Mixed Use Mortgage, we have lenders who only need you to submit required documents and you get the loan. We can also help you improve your DSCR, because we know how.
Don’t hesitate to give us a call and discuss your options, consultation is free and never a fee.