Anyone familiar with this type of loan? 🤔

[Brian Garrett]

I was just talking to lender who said they offer a loan for primary residences and secondary homes that requires no income or employment verification. All you need is a bank statement showing you have the down payment, closing costs and three months of reserves. Down payment ranges from 25-35% depending on credit score. Rates in the mid 5's with 30 year fixed and no prepayment penalty. I've seen the bank statement loans that don't require tax returns but you still have to show income and ability to repay the loan which I thought was a Dodd Frank regulation for owner occupied properties. This lender is saying they don't require any proof of employment or income whatsoever for a primary home. Has anyone heard of this program or is anyone familiar with it?