Product Feature

Home | Privacy Policy

www.sueelliott.com

(408) 383-6039

SUE ELLIOT
Mortgage Loan Agent
Santa Clara Valley Morgage
3880 S. Bascom Avenue
Suite 115
San Jose, CA 95124
Office: (831) 429-9126
Cell: (408) 888-9865
Fax: (831) 429-9103
info@sueelliott.com

Product Feature

No Income Qualifier Loans

house If you’ve just experienced a tough year, are dealing with retirement or have income ups and downs, the No Income Qualifier loan may be the one for you.

This loan product is appealing to the self-employed, retired or persons with undocumented or irregular income. Why?

The lender doesn’t ask for proof of income, employment or assets.
The product:
- Covers all size loans from small to jumbo.
- Can be for purchase or refinance.
- Can be for owner occupied or non-owner occupied.
- Can be 30 year fixed rate, or 3,5 or 7 year adjustable loans.

To qualify, you need to have good credit with no 30-day late notices on any accounts, and equity in the property. Rates on these loans are typically 1/2% higher than on a fully documented loan.

These real life scenarios show two circumstances where this loan product was used:

A man was unemployed but owned a home worth $400,000 with a current $28,000 balance on his first mortgage. He refinanced with a No Income Qualifier Loan and took $80,000 cash out to cover living expenses until he could find another job.

Another person was retired and had income from a variety of sources, such as pension, interest and rental property. He had rental property worth $500,000 with a first mortgage of $150,000. To cover medical expenses, he refinanced his rental property with a No Income Qualifier Loan.

Will this product work for you? Call me or e-mail me to discuss your situation.

For the kind of service that accomplishes what you want and need to accomplish - with experience and expertise backing it up - and for answers to today's real estate financing questions and opportunities, call today!

"The key consideration for people pondering an ARM is how long they intend to remain in a house. Some popular ARMs carry a fixed rate during their first three, five, seven or ten years, making them a good choice for homeowners who plan to move in a relatively short period. These so-called hybrid ARMs generally aren't a good idea if you plan to stay put. Other ARMs adjust every year or less, making borrowers more vulnerable to short-term swings in interest rates." [Ruth Simon, The Wall Street Journal Sunday]

top of page