We offer no-income check loans for home equity lines of credit (HELOC) in New York. Primarily, we lend in five boroughs; everything outside the five boroughs needs an exception, an exception can be obtained if people have reserves in their bank accounts, such as 401K’s, retirement funds, or any other liquid asset. The no-income check HELOC is meant for those who are self-employed, unemployed, retired or don’t have a consistent income stream to qualify for an income check HELOC. When we say no income, we mean no income. We don’t state the income on the mortgage application; the entire process is based on the equity of the property. For a true no-income HELOC, the maximum loan to value is 50%; we don’t put too much emphasis on credit score as long as there are no late payments on the credit report. The no-income check home equity does require reserves of 12 months if you only own one property. If someone has more than one property, the reserves only go down to six months. The no-income check home equity line of credit is for all occupancy types, including primary residence, second home, and investment properties. Once again, the maximum loan-to-value is 50%.
We do offer other no-income check programs, such as a bank statements program or a DSCR Heloc. Still, those particular home equity lines of credit products require documentation such as bank statements or rental income to qualify for a loan, and the maximum loan-to-value for those non-QM home equity lines of credit is 90% loan-to-value.
- Max loan is $2 million
- Can be in first or second position
- No credit score is required
- No income is required
- Can close in Trus, even irrevocable.
To learn more about our no-income check home equity line of credit in New York, contact our office, and we’ll have a representative see if you qualify.
