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Option Arm Manage your Mortgage!
Interest Only Mortgage
No Employment Employment Mortgage
A no employment verification mortgage is a simple solution for either
a purchase or refinance transaction. If you have recently changed jobs, or simply do not want your employment verified, this
right choice for you. No employment verification mortgage products are described as "true no
doc" mortgage products.
The most simple choice, a true
no employment verification mortgage 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. We will allow as
little as a 5% down payment on an owner occupied home depending on your credit profile. If you have had credit
issues in the past you may need to make a slightly higher down payment but I can
get the no employment verification mortgage done. Your good credit, a decent property and we
Another option would be to add your employment to the application.
This program is frequently described as a "NINA" (No Income No
Asset" loan. We will verify your employment, but again, 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
Yet another option would be to have us verify your assets but not income or
employment. 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
or No Income Verification program. If there is an issue with your debt to
income ratio, you may want to consider a No
Available No Doc Loan Terms
No Doc Mortgages are available as:
15 or 30 year fixed rate
1, 3, or 5 year adjustable rate mortgage
Allowable Use and Property Types
No Doc Mortgage products are available for Single Family, some
manufactured housing, and low rise condos. Some programs allow high rise condos
2-4 unit buildings, second homes, or investment properties but are slightly more
expensive or require more equity. The programs will allow a "cash out" refinance but
there are limitations on the allowable cash back. Please contact me with the
specifics of your situation for guidance. If you are unsure a No Doc Mortgage is
the right answer for you, I have included a page on traditional
mortgage documentation requirements which may be useful.
The fundamental thing to keep in mind with true NO Doc Mortgages is that the
lender only has your credit profile and property to evaluate. If your situation
allows verification of either employment or assets you will save some money
because you have lowered the lenders risk. The choice is yours.
Some general guidelines for a No Doc Mortgage.
- Minimum middle credit score is 660
- 5 credit accounts are required. 3 may be from alternative sources-utility,
auto insurance, etc. 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.
- 5% minimum down payment is required from your own funds. No gifts. 20%
for investment properties
- 10 acres or less
- A field review of the appraisal is required if the LTV is greater than
90%, loan amount is over $417,000
Learn more about no
employment verification mortgage closing costs.
No Doc Loan 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.
Learn about calculating your qualification ratios.
Learn about 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.
Prequalify for your No
Employment Verification Mortgage.