What is a Jumbo No Income Verification Mortgage – No Doc Mortgage?
A Jumbo no income verification mortgage is often referred to as a no doc mortgage as the name implies, this type of loan does not require the lender to verify how much you earn, and is sometimes called NINJ mortgages, which stands for no income, no job. and it’s a loan that’s above the conventional loan limits. This limit is set by Fannie Mae and Freddie Mac, who purchase loans from lenders. If a loan amount is higher than $647,200 in most counties then neither of the two government-sponsored entities will purchase that loan but in counties such as Los Angeles and San Francisco loan amounts are allowed up to $970,800 before they are considered a Jumbo loan. Typically, both Fannie and Freddie buy the bulk of U.S. residential mortgages from banks and other jumbo lenders, freeing up liquidity to lend on more mortgages. We offer the best Mortgage Rates for a Jumbo no income verification mortgage, and we provide a lot more loan options than other lenders do.
The main difference between this loan and a bank statement loan or full doc loan is we don’t have to confirm a borrower’s income like tax returns and recent pay stubs like traditional mortgages.
The Benefits of applying for a No Income Verification Mortgage
- Doesn’t require the borrower to provide documentation of income.
- No Statement or Verification of income is required.
- Low amount of paperwork.
- The debt to Income Ratio does not factor into underwriting guidelines.
- No Prepayment Penalty.
- Rate and Term and Cash-Out Refinance options are available.
No Income Verification – No Doc Mortgage requirements?
- 20% Down 80% LTV for Primary Residences.
- 20% Down 80% LTV for Second Homes.
- Cash-Out Refinance up to 75%.
- For details about our Investor No-Income Verification Loans Click Here.
1-Year Profit & Loss Statement Loans for Self Employed Borrowers!
Requirements for getting a No Income Verification – No Doc Mortgage?
- The borrower’s credit score should be 660 minimum to be eligible.
- The maximum loan amount is 3,000,000.
- Loan amounts as low as $200,000
- Low reserves requirements.
- Gift funds are allowed.
- The programs are available for single-family residential housing (regular houses, townhomes, and condominiums). Multi-unit, vacant land, and commercial properties are not eligible.
20% Down & 80% Loan to Value No Doc Loans available up to $3,000,000
We know the Jumbo Mortgage Business call us at (800) 986-4580
Current Mortgage Rates
Comparing Current No Income Verification Mortgage Rates
When your shopping for Jumbo mortgage rates, we will get you the lowest interest rate possible, thus getting you the lowest interest rate that could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find the best no income verification jumbo loan rate is a big deal.
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Eddie and Simone exceeded my expectations. Eddie's team was able to offer me a loan that very few lenders do with less money down. We went through the process without any major hiccups and I was able to close on my home much earlier than expected. Simone was especially kind…read more →
From the first call to the closing Eddie and his team were available 7 days a week for any question or even to just guide us through the process. He takes the time to remind you of things that should be considered even when he might not benefit him directly.…read more →
I found First Florida through a web search borne out of frustration. I knew there had to be financing out there that would allow me to get a large mortgage with very little down and no PMI. Traditional lenders wanted 10% down minimum. My credit union would do a loan…read more →
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Eddie and his team did an excellent job preparing and guiding me through the application process. It was quick and painless compared to the many other mortgages I have applied for in the past. Thank you for the wonderful service.
Words cannot describe how grateful we are for Eddie Hoskins and his team. My family and I have recently relocated to FL from Mi. My husband just started a new job and we hit a roadblock with the financing. I called First Florida Financial Group as my last hope. Which…read more →
Eddie and the First Florida Financial team were nothing short of outstanding! This was, by far, the most straightforward, professional mortgage loan process we have ever experienced. Eddie has an amazing "can do" approach, is completely focused on success and finding solutions to any obstacles in the path to expeditiously…read more →
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Thank you, Eddie Hoskins and his dedicated and skillful staff were able to make the impossible possible! I will honestly say that he is the most competent and knowledgeable loan officer that I have ever worked with. This purchase would not have happened without you! Thank you!
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Eddie Hoskins Founder & CEO
Providing our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage.
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