Many Banks and lenders will offer an exceptional menu of loan programs to borrowers who have good credit histories who wish not to document their incomes. In most instances the income will be ‘stated’ but not verified. This process is extremely ideal for self employed workers, commission based workers, and contract workers who have complicated tax returns, financial statements and T-4’s that don’t accurately represent their income due to their tax deductions and write offs. Salaried and Retired borrowers can also benefit and be eligible for no income verification mortgages.

While no income verification mortgages may be the only option to some individuals, ethical mortgage brokers and lenders will generally try to talk customers out of getting a low-doc and no-doc loan because they cost more. We highly recommend that before you apply for one you talk to a qualified mortgage advisor and give them all your information first.

Currently, there are 3 types of low-doc/no-doc mortgages: stated-income mortgage, no-ratio loan and no-documentation or NINA (no income/no asset verification) and we’d recommend that you either continue reading through our site to decide which would be best for you, or possibly setting up an appointment with a qualified mortgage advisor.