No Doc Construction Loans
No Doc construction loans have recently been withdrawn by the lender. We are searching for an alternative so please check back soon. Stated Income and No ratio construction programs are still available
No Doc Construction loans allow you to build your dream home. They work exactly like our normal construction loans except they require no income, asset or employment verification. If you can verify your assets and income, you may wish to see my section on Stated Income Construction Loans.
Close once and pay interest only during construction which can be up to 12 months. A single close loan saves time and money by eliminating a second set of closing costs. You will not have to re-qualify or have the home re-appraised. If you do not own your lot, the first disbursement buys the land and a draw schedule disburses funds when certain points in the construction process are reached. After construction, the loan will modify into the loan product of your choice and is fully amortizing. This page is focused on new construction, if you are interested in renovating an existing home please go to my renovation loans page.
If you have owned your lot for 1 year, or if you have documented "on site" improvements to the property, we may be able to use this equity to meet your down payment requirement or create an interest reserve account. For any reduced or no documentation construction loan, you will need perfect credit and a minimum 20% downpayment. Depending on the size of the interest reserve account, these funds may make some or all of your payments during the construction phase.
I have a list of documentation needed to process your loan.
There is a new page detailing construction loan fees.
I have detailed information on extended interest rate locks with a float down option.
I have a page on calculating mortgage qualification ratios.
NEW! I have included detailed Frequently Asked Questions and common misconceptions about the process of building your home with a construction/perm loan.
Prequalify for your No Doc Construction Loan.