Yes there are mortgage loans that will allow a borrower to purchase a home when they show very little income on their tax returns. (Not your typical "traditional" mortgage)
This loan would require assets. These assets don't have to be liquid. They can be stocks, bonds, mutual funds or savings of any kind.
This loan will also permit as little as 10% down. This loan is incredibly unbelievable. But believe it, it exists. This loan will allow the borrower to utilize assets for the down payment without cashing in on the asset.
These loans are priced very well and not out of line with the going traditional conventional mortgage product. Believe it or not, you have options to select the fixed term of the loan.
Believe this.... Applications increased 1.1% from one week earlier. The Market Composite Index, a measure of mortgage loan application volume, increased 1.1 percent on a seasonally adjusted basis from one week earlier. The Refinance Index increased 0.9% to its highest level since December 10, 2010. The seasonally adjusted Purchase Index increased 1.5% from one week earlier.
* Vesting in Entities - all types of trusts, LLC's, partnerships & corporations
* Foreign Nationals - no fico required; second homes okay; foreign income and assets acceptable
* Unlimited Acreage & Expanded Property Types including hobby farms orchards and vineyards
* Non-Warrantable Condos
So you see, "believe it or not", the lending world still has options for the homeowner that you probably didn't know about, because you are thinking in the traditional sense.