No Proof of Income Needed – DSCR Loans
Can I Get A Loan With Good Credit But No Job?
It is possible to get a loan with good credit but no job, although the options may be limited. With the current economic downturn, lenders are typically more reluctant to give loans to people without regular employment or income. That said, there are some sources of financing available to those with good credit and no job.
The first option is to borrow money from a family member or friend. This is often the least expensive option and it may be easier to get approved. However, it is important to remember that borrowing money from a friend or family member can put a strain on a relationship.
A second option is to take out a loan from a peer-to-peer lender. Peer-to-peer lending is when individuals lend money to fellow individuals, rather than from a financial institution. These loans may have more flexible terms than a traditional loan from a bank, and the interest rates may be lower.
A third option is to apply for a credit card. Credit cards can be a great way to access money, as long as you are able to pay it back. With a good credit score, you may be able to get a credit card with a low interest rate. However, it is important to remember that credit cards can be a source of debt and it is important to use them responsibly.
Finally, you may be able to get a loan from a non-traditional lender. Non-traditional lenders may offer loans to those with good credit and no job, but the interest rates may be high. It is important to do your research and compare different lenders to make sure you are getting the best deal.
• It is possible to get a loan with good credit but no job, although the options may be limited.
• Borrowing money from a family member or friend is often the least expensive option.
• Peer-to-peer lending is when individuals lend money to fellow individuals, rather than from a financial institution.
• Credit cards can be a great way to access money, as long as you are able to pay it back.
• Non-traditional lenders may offer loans to those with good credit and no job, but the interest rates may be high.
People Also Ask:
Q: Are there any loans for unemployed people?
A: Yes, there are some loan options for unemployed people. These include peer-to-peer loans, credit cards, and loans from non-traditional lenders.
Q: How can I get a loan with no job or income?
A: Borrowing money from a friend or family member may be the best option for getting a loan with no job or income. You may also be able to get a loan from a peer-to-peer lender, credit card, or non-traditional lender.
Q: Is it possible to get a loan with bad credit?
A: Yes, it is possible to get a loan with bad credit. However, the options may be limited and the interest rates may be higher than if you had good credit.
Can I Get A Loan With Good Credit But No Job – 4 Tips
Since this video was created Non-QM loans have come a long way. I have a lot of new videos that speak to NO Income (owner occ loan) No Ratio (when rent’s don’t meet the mortgage payment) Bank Statements up to 90% LTV (10% down). They are all a little tricky and have to be customized to the individual but definitely a must for self employed borrowers. The most recent DSCR Vid is called “NO INCOME Needed | DSCR Home Loans Best Rates | CA Mortgage Expert”
The rates on these programs are usually .50% to 1.5% Higher than a traditional Loan full income loan… Toward the lower end for higher fico borrowers and more equity and toward the top for lower scores and not as much equity.
Today I talked with Heather Fox of HomeXpress Mortgage Corp, A wholesale mortgage rep to mortgage brokers, to learn more about their DSCR Loan program that helps experienced investors get non-qualified mortgage (QM) loans.
If you don’t want to go with an FHA, VA, Fannie, and Freddie loan for qualifying reasons these loans are for you.
The important thing to know about these loans is the property is the star and not the borrower. So if you have an investment property that is earning more money than that PITI (Principal, Interest, Tax, Insurance) you can qualify.
Southern California Home Loan Expert, Teresa Tims, Vlogs to educate and help Consumers make an Educated decision when it comes to Home Loan Lending in California. Call us today at 909-920-3500 or visit https://tdrmortgage.com
Company NMLS #390767 Individual NMLS MLO # 267236
Company BRE # 01889552 Broker License BRE # 01269949