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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 employment is 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

Another option 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 interest rate.

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 Ratio loan.

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

Underwriting Guidelines

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 months
  • 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 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.