There are many people today that receive an income but have no way to prove they do. These can be people who are self employed, artists, musicians or a number of other professions that do not have a built in salary. Some of these people may even be in debt or have bad credit and this shouldn't stop them from being able to get a mortgage loan if they own their own home. Being unable to prove your income can make some banks concerned you may not be able to pay them back when applying for a mortgage loan.

A non status mortgage is a type of loan that you can get that does not require you to provide proof of income. This can be very helpful for those who are paid infrequently or are in a profession that pays them in offset intervals. This is also true for those who can get an income but are not employed, such as those with large court settlements that provide them money because they no longer work from a disability or injury.

Anyone that is unable to provide proof of income and some people with bad credit may be able to apply for a non status mortgage. If you will be able to pay back the loan, you will have a greater chance of being able to take out the loan with a non status mortgage. A person who applies for a non status mortgage should not lie about their income status to get a larger loan, as it will adversely affect their credit rating if unable to make repayments.

Most people will be approved for a non status mortgage easier than a standard mortgage option. This can be an advantage to those with bad credit or income restrictions that standard loans require. Even without proof of income, you will be able to have options for non status mortgage that may be beneficial if you cannot get a standard mortgage.

Some of the disadvantages of getting a non status mortgage are paying down payments anywhere from 5%-20% depending on the lender and how much you are borrowing, also if you borrow an amount that you will not be able to pay back, you end up putting your home at risk. Losing your home may not be worth the risk when you borrow less than what your home is actually worth.

Checking out your local lending institutions or banks may give you an idea of whether or not they offer non status mortgages. Many banks and lenders require a visit to your home to determine the value of the home and the available equity on the home. Many banks and lenders have options available online for non status loans that offer greater convenience.

Closing Comments

Non status mortgage options are great for those individuals that need to take out a mortgage loan and have no way to prove their income. Some people that are not approved for standard loans may be approved for non status loans.