Tag Archives: Hard times for the self-employed

Hard times for the self-employed

A few years back, there was a mortgage program that was called a “No Doc” or “No income verification” program, which made it easier for non-salaried workers to qualify for home loans by not forcing them to verify their income. This program was a great for someone that had a good down payment or sizeable equity for a refinance, but didn’t show a lot of income. Unfortunately, this program was being used by W-2 employees to qualify for larger mortgages than they could afford. So they would state that they made more money than they actually did, and “qualify” for …

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