What is a Jumbo No Income Verification Mortgage – Jumbo No Doc Mortgage?
A Jumbo no income verification mortgage is often referred to as a Jumbo 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 $548,250 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 $822,375 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 Jumbo Mortgage Rates for a Jumbo no income verification mortgage, and we provide a lot more jumbo loan options than other jumbo lenders do.
The main difference between this loan and a bank statement loan or full doc loans 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.
- 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 available.
Jumbo No Income Verification – No Doc Mortgage requirements?
- 25% Down 75% LTV for Primary Residences.
- 30% Down 70% LTV First-Time Homebuyers for Primary Residences.
- 40% Down 60% LTV for Second Homes.
- For details about our Investor no-income verification loans Click Here.
1 Year Profit & Loss Statement Loans for Self Employed Borrowers!
- 20% Down 80% LTV for Primary Residences.
- 25% Down 75% LTV First-Time Homebuyers for Primary Residences.
- 30% Down 70% LTV for Second Homes.
Requirements for getting a Jumbo No Income Verification – No Doc Mortgage?
- The borrower’s credit score should be 720 minimum to be eligible.
- Maximum loan amount 3,000,000.
- 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.
- No BK or Short-Sales last 4 Years and Foreclosures in the previous 7 years.
25% Down & 75% Loan to Value Jumbo No Doc Loans available up to $3,000,000
We know the Jumbo Mortgage Business call us at (800) 986-4580
Licensed in Florida and California only
Current No Doc Mortgage Rates
Comparing Current No Income Verification Mortgage Rates
When your shopping for a no doc Jumbo mortgage rate, 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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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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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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