True No Doc Loans

True No Doc loans are a simple solution. We are one of the largest brokers offering loan programs which are collectively referred to as True No Doc loans. These true no doc loans are intended to assist borrowers obtain mortgage financing when their income or assets or employment are difficult to verify. Qualification for the products is based solely on your credit scores and the strength of the property. True No Doc loans are available for purchase or refinance transactions.

True No Doc loans generally fall into three categories:

True NO Doc Loans

True No Doc loans permit 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 true no doc loans will allow as little as a 5% down payment on an owner occupied home or investment property depending on your credit profile but we will be able to get lower interest rates with a larger down payment. Typically, a 20% down payment will secure the best rates for this type of loan product. 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 an interest only option being readily available. If you have recently changed careers or have started a business and can not meet the normal two year employment test, a true no doc loan is the right solution for your situation.

No Ratio

While not a true no doc loan, a No Ratio loan 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 verify 2 years of your employment and your assets.

Stated Income

Again, not a true no doc loan but, 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.

Property and Occupancy types allowed

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.

Please feel free to email me with questions about true no doc loans

Learn more about True No Doc Loans Closing Costs

I have a page on calculating your qualification ratios.

I have a page on traditional documentation requirements.

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As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your 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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