We offer no income check loans for Home Equity Lines of Credit (HELOCs) in New York. We primarily lend to the five boroughs; everything outside the five boroughs requires exceptions, and people can get exceptions if they have reserves in their bank account, such as a 401K, retirement funds, or any other liquid assets. No-income-tested HELOCs are available to those who are self-employed, unemployed, retired, or without a stable source of income and do not qualify for an income-tested HELOC. When we say no revenue, we mean no revenue. We do not state income on mortgage applications; the entire process is based on equity in the property. For a true no-income HELOC, the maximum loan-to-value is 50%; as long as there are no late payments on your credit report, we don’t put too much emphasis on credit scores. If you only own one property, no income check home equity does require a 12-month reserve fund. If someone owns more than one property, the reserve can only be reduced for a maximum of six months. No-income-check home equity lines of credit are available for all residence types, including primary residences, second homes and investment properties. Again, the maximum loan ratio is 50%.
We do offer other no-income checking plans such as the Bank Statement Plan or DSCR Heloc. Still, those specific home equity credit products still require documentation like bank statements or rental income to qualify for a loan, and those non-QM home equity lines of credit have a maximum loan-to-value ratio of 90 percent.
- Maximum loan amount is $2 million
- Can be in first or second position
- No credit score required
- No income required
- Can be turned off in Trus, even irrevocably.
To learn more about no income checking home equity lines of credit in New York, please contact our office and we will send a representative to see if you qualify.
