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No Doc Loan
No Doc loan requires 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 Loan lenders allow as
little as a 5% down payment depending on your credit profile. This is the product of choice if your
difficult to verify or if you do not want the "hassle" of
traditional mortgage documentation. Your good credit, a decent property and we
are done. Email me with any questions on a
no doc loan
is to add employment.
This is frequently described as a "NINA" (No Income No
Asset" loan. We verify your employment, but no income or assets are on the
application. If you are self employed, the business must be verified with a
business license, or similar documentation.
If you are employed by a company, we will verify your employment but nothing
else. This small bit of documentation will generally save you .125% on the
Another option would be to verify your assets but not income or
employment. Using this approach will require verifiable, relatively liquid
assets of not less than 6 months of your PITI. Again, this bit of documentation
will usually save you .125 on the rate. If your situation will allow you to
verify both assets and employment, you are better served with the Stated
Income Mortgage Loan program. If there is an issue with your debt to
income ratio, you may consider a No
Available No Doc Loan Terms
No Doc Loan products are available as:
Interest only No Doc Loan products are available.
15 or 30 year fixed rate
1, 3, or 5 year adjustable rate loan
Some general guidelines for a No Doc Loan.
- Minimum middle credit score is 660 for the best rates but some lenders now
will allow a 620 score with higher rates.
- 5 credit accounts are required. Housing history must have no late payments within 24
- Bankruptcy and foreclosures must be discharged for 3 years with
reestablished credit. Judgments must be paid before closing.
- Two months PITI (Principal, Interest, Taxes, and Insurance) reserves are
required with an LTV <=80%. 6 months reserves are required otherwise if we
are verifying assets, otherwise, none are required.
- 5% minimum down payment is required from your own funds. 20%
for investment properties
- 10 acres or less
Learn more about no doc
loan closing costs.
No Doc Loan programs allow you to purchase
or refinance a
single family, townhouse or condo. An investment property
no doc loan can be a single
family, 1-2 unit, townhouse or condo. Vacation homes
no doc loan
also can be a single family, townhouse, or condo.
I have a page on calculating your qualification ratios.
I have a page on traditional documentation
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.