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
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 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
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.
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.
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.
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
Learn more about True No Doc Loans
I have a page on calculating your qualification ratios.
I have a page on traditional documentation
Search the site for more information.
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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
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