No Doc Mortgage
No Doc Mortgage products are a simple solution in an increasingly complex mortgage market. We are one of the largest mortgage brokers in the US offering loan programs which are collectively referred to as No Documentation mortgages. These loans are intended to assist borrowers obtain mortgage financing of their home or investment property when their income, employment, or assets are difficult to verify. One common group of borrowers for whom no doc mortgages work well are those whose recent job change will not allow them to meet the usual 2 year employment test.
No Doc Mortgage products generally fall into three categories:
No Doc Mortgage products 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 20 % down on an 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 get the loan 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 mortgage 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 mortgages 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 Mortgage 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.
I have a page on calculating your no doc mortgage qualification ratios.
I have a page on traditional documentation requirements.
Read more about No Doc Mortgage 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 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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