Are you tired of struggling to get a home loan or a refinance of your mortgage? Do you have pretty good credit, but have been turned down due to struggles with proving your real income? This happens with certain types of individuals and that is why there are loans with no proof of income that you can apply for. Here are some reasons why you might want a loan that does not require you to prove your income.

Mortgages are based on three things primarily, your credit score or FICO score, your debt to income ratio or DTI, and the amount of equity you are working with or the amount you can put down if you are purchasing. This makes it very difficult to get a loan if you have a good income, but cannot prove that you make as much as you really do. There are certain situations that make it hard to prove the right income.

First, if you are a small business owner, then you know that proving what you actually make is difficult. You may not claim all of your cash payments and you might have expenses that figure into your income and make it difficult to figure out what you really make. One way to fix this is to pay yourself a salary by check, but then you would have to wait 2 years so that you have proof of income for a couple years. Another way is with a no proof of income mortgage.

Second, if you are a tipped employee that makes most of your money in cash, then you probably do not claim all of your tips or even half of them so you struggle to prove your income. Your paychecks might show that you only made $300 in a week when you really made more like $600. This makes it very hard to get a loan of any type and it can be difficult to get your income high enough to qualify for a standard mortgage.

Third, if you are an independent contractor or you work for cash under the table, then you will struggle to get a mortgage of any type. The problem is you have nothing to prove your income and that makes getting a mortgage difficult.

In all these situations using credit without proof of income is a great way to get the mortgage you need. You can contact a mortgage broker to find out what your options are.

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There are a lot of people out there who assume because they do not make hundreds of thousands of dollars a year that they will never own a home. The fact of the manner is that there are many low income home loans that you can choose from to help you get into a home, even if you don’t make six figures a year! This is good news for a growing percentage of the population who would like to own a home but doesn’t have the funds necessary to make a sizable down payment or even pay expensive closing costs.

Buying a Home on Limited Funds

Home ownership is something that so many people dream of, but a lot of people assume that this simply is not something in their future. It can be difficult to qualify for conventional loans when you do not meet certain income standards, FICO score requirements, or you cannot come up with a sizable down payment. The great thing is that there are some low income home loans that will allow you to get into that home that you have been dreaming of at a price that you can afford.

One way that you may be able to get into a home on your income is by applying for an FHA loan. These loans date back to the 1930′s during the time of the Great Depression. These home loans were intended for those that did not have a lot of cash on hand because no one had a lot of money during The Depression. When you apply for this type of loan you will not need to meet any FICO requirements; you’ll only need to have at least a limited income and a qualifying debt to income ratio. You would be surprised how simple these loans are to qualify for, even when you don’t make a lot of money.

FHA home loans are also a great option because you can get into a new home for as little as 0-5% down on the home. What this means is that instead of having to come up with 15-20% of the purchase price of the loan, you will be able to move in for considerably less. In addition, there are many FHA based programs that will also help you come up with any money that is needed for closing costs or a down payment. This can help you make home ownership much more affordable in the short term as well as in the long term.

The government offers all of these low income plans because they know that if you work hard that home ownership should be an option. Be sure to look into these options before you assume that simply will never buy. You may be surprised to discover that you're an excellent candidate for one of these programs.