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Information on No Documentation Loans                                                                                                 

No Documentation loans are a simple solution. We offer a suite of programs collectively referred to as No Documentation loans. These loans assist borrowers obtain mortgage financing when their income or assets are difficult to verify. 

No Doc loans fall into three categories:

NO Doc

No Documentation loans require no employment, income, or assets to be stated on your application. No information is verified beyond your credit profile and value of the property. We allow as little as a 10% down payment. If you have past credit issues you will need a slightly higher down payment but I can get the loan done. Rates are 1 to 1.5% higher than conventional financing and are available on both fixed rate and adjustable mortgages. More detailed information on No Doc Mortgages

No Ratio

A No Ratio loan is a good choice as you do not state any income information and your rate will be less than for a No Documentation loan. Because we do not need income information, no debt ratios are calculated. We will verify employment and assets. More on No Ratio Mortgages.

Stated Income

Stated income mortgages are the least expensive option. We verify employment and assets, income is stated on the application but not verified. Your stated income must be reasonable for your occupation and assets. Rates are usually only .500% above conventional rates. More on Stated Income Mortgages.

 

Property and Occupancy types

No Documentation Loans allow purchasing or refinancing a single family, townhouse or condo. An investment property or Vacation home is acceptable. The programs can be used with our No Documentation construction/perm program. While most lenders only offer these program up to $300,700, we also offer Jumbo No Doc Loans.

Read more about No Documentation Loans Closing Costs

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

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I hope this was useful to you. Please scroll down to view my Mortgage Market Guide. It is a weekly publication explaining the financial markets from a consumer's perspective that is available on this website or by email subscription. I have nearly 8,000 subscribers today and would be happy to have you as well.

 

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