4,982,608
I am not a lender, but verifying income seems vital to the process.
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John Juarez
Fremont, CA
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Katina Hargrove 352-55...
Eustis, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Shayne Stone
Fulshear, TX
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Gary Frimann, CRS, GRI...
Gilroy, CA
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Peter Mohylsky,
Miramar Beach, FL
1,101,689
LOL you do not get the award for silliest questions but you're certainly in the running!
ANSWER: ONLY if we wish to avoid another mortgage cluster like the last bust! But otherwise, go ahead and give that ham sandwich a loan! LOLZ
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Jerry Newman
San Antonio, TX
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John Juarez
Fremont, CA
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Katina Hargrove 352-55...
Eustis, FL
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Lyn Sims
Schaumburg, IL
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Shayne Stone
Fulshear, TX
1,620,251
I wasn't sure if this was a serious question since it's such an obvious answer.
But, I'll let Jason E. Gordon educate you.
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John Juarez
Fremont, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Shayne Stone
Fulshear, TX
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Jason E. Gordon
Coronado, CA
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Thomas J. Nelson, REAL...
La Jolla, CA
1,643,917
Well, under the new ATR (Ability to Repay) rules, on must prove they can repay. No more "Yeah, I'll pay you back" loans exist.
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The Villages Realty
San Jose, CA
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John Juarez
Fremont, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Shayne Stone
Fulshear, TX
2,850,026
Heavy vetting with no exceptions is what I found & that's the process buyers must meet & qualify according to lender specifications not theirs or mine
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Kathleen Daniels, Prob...
San Jose, CA
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John Juarez
Fremont, CA
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Richie Alan Naggar
Riverside, CA
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Shayne Stone
Fulshear, TX
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Peter Mohylsky,
Miramar Beach, FL
1,312,651
Debt to income ratios is used to determine credit approval when applying for a mortgage. At some point, lenders may even ask to see your IRS tax records for verification. This is certainly true for the self-employed.
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John Juarez
Fremont, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Shayne Stone
Fulshear, TX
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Gary Frimann, CRS, GRI...
Gilroy, CA
655,188
Ever since the 2007 Housing Crisis, the Government has put immense pressure on lenders to demonstrate "Ability To Repay" (ATR) when approving a Borrower. In my opinion, we have over-corrected on this topic...hoping for some leniency to someday reappear for Self-Employed borrowers.
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Thomas J. Nelson, REAL...
La Jolla, CA
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John Juarez
Fremont, CA
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Katina Hargrove 352-55...
Eustis, FL
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Shayne Stone
Fulshear, TX
789,904
Income Verification is required to get a traditional loan. This would prevent loan approval if income is not verified.
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John Juarez
Fremont, CA
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Shayne Stone
Fulshear, TX
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Peter Mohylsky,
Miramar Beach, FL
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Gary Frimann, CRS, GRI...
Gilroy, CA
5,488,259
An experienced mortgage broker with a plethora of funding sources may be able to direct you to a program where there are alternatives but the price of entry is high. In normal circumstances income verification is critical since it determines what you can pay.
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John Juarez
Fremont, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Shayne Stone
Fulshear, TX
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Peter Mohylsky,
Miramar Beach, FL
3,431,167
Yes.
It depends on the amount of income, the loan and the lender's requirements.
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John Juarez
Fremont, CA
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Katina Hargrove 352-55...
Eustis, FL
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Kathleen Daniels, Prob...
San Jose, CA
1,093,455
Depends on the loan and transaction type. For most residential loans it's a vital piece of the puzzle.
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John Juarez
Fremont, CA
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Katina Hargrove 352-55...
Eustis, FL
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Shayne Stone
Fulshear, TX
415,354
I think yes. But I also have a 22 year old mortgage that was no doc.
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Kathleen Daniels, Prob...
San Jose, CA
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John Juarez
Fremont, CA
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Shayne Stone
Fulshear, TX
618,342
It should be, but I hear that some lenders are doing Stated Income!!!
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John Juarez
Fremont, CA
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Katina Hargrove 352-55...
Eustis, FL
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Kathleen Daniels, Prob...
San Jose, CA
1,293,076
My answer is that it is required.
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John Juarez
Fremont, CA
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Kathleen Daniels, Prob...
San Jose, CA
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Shayne Stone
Fulshear, TX
1,446,248
I let the lender take care of verifying income for the buyer. It is a normal part of the approval process.
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Kathleen Daniels, Prob...
San Jose, CA
6,692,782
If I were lending money, I would want to know how it was going to be paid back.
933,368