The borrower is not required to provide verification or documentation to support the income stated on the loan application, so long as it appears reasonable for the occupation stated. Back
Sometimes referred to as "no income" or "no income verification" loans, they are an ideal mortgage for the self-employed or for people who receive much of their income in commissions or bonuses.
Loans that rely more on credit scores than on documented income for loan approval. These loans typically carry a higher interest rate than documented income. See Income Reporting Options for further information.