Are you considering a no income verification home equity loan? There are situations that these types of loans are great for, then there are some where it is just a mortgage broker trying to force you into a bad situation for a commission. You are about to discover the good situations for a no income verification home equity loan and the bad situations for this loan.

Good situation #1 - Self Employed

If you are self employed, then it can be very hard to show what your true income is because you expense a lot of things on your taxes. You write off entertainment, your building (which could be your home), gas and mileage, food, and many other things. This does not help you use your tax returns to prove income. This is a situation where a no income verification type of loan works very well.

Bad Situation #1 - Employed at the same job or same field for over 2 years

If you have been working for the same company or at least in the same field for 2 years, then you don't need a no income home loan. If a mortgage broker is trying to talk you into this type of loan, then they probably are after a commission check because if you do not qualify with your job income, then you cannot afford the loan they are trying to give you. Avoid this situation unless you want to have to foreclose.

Good situation #2 - Tipped employees

Those workers that make the largest amount of their income from tips fit the no income verification home equity loan guidelines. These employees rarely claim all the money they make and in some situation may be getting paid cash instead of a check. They are a lot like self employed individuals that are renting a section at a restaurant, bar, or hair salon. If you are one of them, then not verifying your income for a home loan is ok for you.

Bad situation #2 - High Debt to Income Ratio

If you have a high debt to income ratio and a mortgage broker tells you that they could do a loan for you and you don't have to prove your income, then you should run away as fast as you can. This is a speedy way to end up with a higher mortgage payment than you can afford and end up either filing bankruptcy or foreclosing on your home. Stay away from this loan if you are someone with a high debt to income ratio.

There are a few other situations that the no income verification home equity loan works well for, and these are just a few. Just make sure it is a mortgage that you can afford pretty easily and you will be just fine.

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