No Doc Home Loans are currently unavailable
No Doc home loans are a simple solution in an increasingly complex mortgage market. Carteret Mortgage is one of the largest mortgage brokers offering home loans which are referred to as No Doc home loans. These no doc home loans are intended to assist borrowers obtain home loans for their home or investment property when their income, employment, or assets are difficult to verify. Email no doc home loans questions. I also offer no doc business equipment leasing to business owners.
No Doc home loans generally fall into three categories:
No Doc home loans require no employment, income, or assets to be stated on your loan application. We do not verify any information beyond your credit profile and the value of the property. Our no doc lenders will allow as little as a 5% down payment on an owner occupied home or investment property depending on your credit profile. If you have had credit issues in the past you will need to make a slightly higher down payment but I can still get your no doc home loans done. Rates are 1 to 1.5% higher than conventional financing and are available on both fixed rate and adjustable mortgages with interest only variations also available.
A No Ratio home loan is a good choice if you wish to not state any income information as your rate will be less than for a true No Doc loan. Because we do not need income information, no debt ratios are calculated. However, we will need to verify employment and your assets.
Stated income home loans are the least expensive option in this category of mortgages. We will verify your employment and assets, your income is stated on the application but is not verified. Your stated income must be reasonable in light of your occupation and assets. Rates are usually only .500% above conventional rates. There is also a stated income, stated asset variation available as well.
Property and Occupancy types allowed
No Doc Home Loan programs allow you to purchase or refinance a single family, townhouse or condo. An investment property can be a single family, 1-2 unit, townhouse or condo. Vacation homes also can be a single family, townhouse, or condo. The stated income loan program can be used with our construction/perm program.
Learn more about no doc home loans closing costs.
I have a page on calculating your qualification ratios.
I have a page on traditional documentation requirements.
As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage 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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