We all know that after the 2008 crash there were strict regulations put in place to ensure lenders verified income moving forward. However, there are still a couple options out there!
Having trouble qualifying a client? For a primary / second home (so you can't go DSCR)? Can't qualify for a conventional/government loan? And they're not self employed so they can't go bank statement, profit/loss, 1099, etc?
There are still a couple true no doc loan options out there in wholesale for primary and second homes! They are definitely more expensive with heftier down payment and reserve requirements but still doable.
Investment Property? If you're helping a borrower with an investment, check out the list of DSCR lenders without ratio.
The above lenders are able to provide this and avoid some of the documentation rules provided by Dodd Frank laws because they are Community Development Financial Institutions (CDFI). They're allowed to provide unique no documentation loans to help underserved borrowers.
