No Documentation Loans
No Documentation Loans are a simple solution. I am a mortgage broker offering loans referred to as No Documentation Loans. These no documentation loans are intended to assist borrowers obtain loans for their home or investment property when their income, employment, or assets are difficult to verify. Email no documentation loans questions. I also offer no documentation business equipment leasing to business owners.
No Documentation loans generally fall into three categories:
No Documentation 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 documentation 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 higher down payment but I can get your no documentation loans done. Rates are 1 to 1.5% higher than conventional loans and are available on both fixed rate and adjustable loans with interest only variations 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
Property and Occupancy types allowed
No Documentation Loans allow you to purchase or refinance a single family, townhouse or condo. An investment property no documentation loans can be a single family, 1-2 unit, townhouse or condo. Vacation homes also can be a single family, townhouse, or condo.
Learn more about no documentation loans closing costs.
I have a page on calculating your qualification ratios.
I have a page on traditional documentation requirements.
In 2008, Short Sales are where most of the bargains in real estate are. Learn more about Short Sales
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.
New! View my Wealthbuilder presentation and learn the safe way to manage your debt and fund your retirement.
Prequalify for your No Documentation Loans.