Helping You Secure Financing Without Income Ratio Requirements
If you’re a self-employed borrower or a borrower with unique income sources, traditional mortgage loans might not work for you. That’s where No Ratio Loans come in handy. This type of loan doesn’t require income ratio calculations, which makes it ideal for borrowers with non-traditional income sources. At WealthifyMe, we offer No Ratio Loans to help you secure financing and achieve your homeownership dreams.
What are No Ratio Loans?
No Ratio Loans are a type of mortgage loan that doesn’t require lenders to calculate the borrower’s debt-to-income (DTI) ratio. DTI is a percentage that measures a borrower’s monthly debt payments against their gross monthly income. In traditional mortgage loans, lenders use DTI to assess the borrower’s ability to repay the loan. However, with No Ratio Loans, lenders don’t need to consider DTI, making it easier for self-employed or high net worth borrowers with multiple income streams to secure financing.
Who Qualifies for No Ratio Loans?
No Ratio Loans are ideal for borrowers with unique income sources, such as self-employment income, rental income, or investment income. These borrowers often find it challenging to provide traditional income documentation, such as pay stubs or W-2 forms. With No Ratio Loans, borrowers can provide alternative documentation, such as bank statements, to prove their ability to repay the loan.
What are the Benefits of No Ratio Loans?
No Ratio Loans offer several benefits to borrowers, including:
- No Income Ratio Requirements: With No Ratio Loans, borrowers don’t need to worry about DTI calculations. This makes it easier for borrowers with non-traditional income sources to secure financing.
- Higher Loan Amounts: No Ratio Loans allow borrowers to qualify for higher loan amounts than traditional mortgage loans.
- Faster Approval Process: Because No Ratio Loans require less documentation, the approval process is typically faster than traditional mortgage loans.
- Flexible Documentation Requirements: No Ratio Loans offer more flexibility in the documentation requirements. Borrowers can provide alternative documentation to prove their income and ability to repay the loan.
At WealthifyMe, we understand that every borrower’s financial situation is unique. That’s why we offer a range of mortgage loans, including No Ratio Loans, to help you achieve your homeownership dreams. Contact us today to learn more about No Ratio Loans and other financing options available to you.