A. Income check loan
As the name implies is to see the income of the borrower, in fact the core idea bank is to confirm that the borrower has enough capital to repay the loan in the future. So basically what you need to see is
① Credit report score, debt
② the last two years of tax returns w2; the last month of salary income. If you are self-employed, you also need to see the last three months of bank income statements
B. No income loan check
The bank will use other means to verify the borrower’s ability to repay the loan.
(1) Credit report scores, debt, employment status and residence history
② Some banks also require a retainer of several months after closing
③ The down payment requirement is mostly 20 to 30 percent, depending on the bank’s program requirements. Most of the down payment can be made in the form of a permanent gift.
④ Different lending companies have VOE employment programs, CPA letter programs, 3 month, 12 month or 24 month bank statement programs for self-employed people, and rental income to balance debt, etc.
⑤ The lender can be a foreigner, and the interest rate is 3.625 for 30 years without checking income.
C. Private Lending
①Score in credit report
② Down payment requirement from 20 percent
③ One year or two years to repay the loan, monthly interest only without repaying the principal