No Ratio
This Qualification type gives you the convenience of not stating any amount or providing any documentation which supports your income. With this loan you must be able to show cash reserves adequate to cover at least six months of mortgage payments. Some loan programs will require 12 months coverage.
When to choose this type of loan:
- If you want the convenience of providing no documentation and not disclosing any information regarding your income
- If you have cash flow to support your loan request, but cannot document your income with historical tax returns
- If you have the assets to support your loan request that can be verified and show in an account for the prior two months