No Documentation Mortgage
No Documentation Mortgage products are a simple solution. We are one of the largest mortgage brokers offering No Documentation Mortgage products. These No Documentation Mortgage loans are intended to assist borrowers obtain mortgage financing of their home or investment property when their income, employment, or assets are difficult to document. Please feel free to email with any questions about a no documentation mortgage. I also offer no documentation business equipment leasing to business owners.
No Documentation Mortgage products generally fall into three categories:
No Documentation Mortgage
No Documentation Mortgage products require no employment, income, or assets to be stated on your loan application. With a no documentation mortgage, we do not verify any information beyond your credit profile and the value of the property. However, if you have documentation of your assets, it is a good idea to do so as you will often be able to save .125% in interest rate. Our no documentation mortgage lenders will allow as little as a 5% down payment on an owner occupied or second 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 still get the no documentation mortgage done. Rates are generally 1 to 1.5% higher than conventional financing and are available on both fixed rate and adjustable mortgages with interest only variations also available. No documentation mortgage products typically will allow credit scores down to 620 with the best pricing available to individuals with credit scores above 720.
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 Documentation Mortgage loan. Because we do not need income information, no debt ratios are calculated. However, we will need to verify two years of your your employment and your assets.
Stated income loans are the least expensive option in this category of products. We will verify two years of your employment and your assets, and 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 which can be quite useful to many clients.
Property and Occupancy types
Property and Occupancy types allowed
These products 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.
Learn more about no documentation mortgage closing costs.
I have a page on calculating your qualification ratios.
I have a page on traditional documentation requirements.
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