By Caitlin Coakley
For those looking for a home, it might be a buyer’s market right now — as long as the shopper is not self-employed.
During the housing bubble, loans with no income-verification requirements — also known as no-doc loans — offered people who didn’t get a regular biweekly pay stub to get a loan without having to dig up old paychecks and account for every penny. Now, thanks to new income-verification requirements, getting a no-doc mortgage loan is difficult to impossible, experts say.
“Prior to the credit market tightening, there were loans that didn’t require income documentation,” said Nicole Hall, spokeswoman for Charlotte-based LendingTree, an online lending exchange. “We don’t really see that anymore. That impacts people who are self-employed.”
It’s impacting Charlotte-area real estate professionals, too.
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