True No Doc Mortgage
True No Doc mortgage products are a simple solution. We are one of the
largest brokers offering loan programs which are collectively referred to as
True No Doc
Mortgage products. True no doc mortgage products are intended to assist borrowers obtain mortgage
financing of their home, vacation home, or investment property when their income or assets or
difficult to verify. Qualification is based
on your credit scores and the property. True No Doc
Mortgage products are available for purchase or refinance transactions.
True No Doc
mortgage products fall into three categories:
True No Doc mortgage products permit no employment, income, or assets to be stated on your
application. No verification of information beyond your credit profile and the value of the property
is done. Our true no doc mortgage will allow as little as a 5% down payment on an owner occupied home depending on your credit profile
but we will get lower rates with a larger down payment. Rates are 1 to
1.5% higher than conventional financing and are
available on both fixed rate and adjustable mortgage products with an interest only
option being readily available. If you have recently changed careers or have
started a business and can not meet the two year employment test, a true
no doc mortgage is the right solution for your situation.
While not a true no doc mortgage, a No Ratio mortgage is a good choice if you wish to not state any income
as your rate will be less than for a true No Doc mortgage. With no
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 mortgage but, a stated income mortgage is the least expensive
mortgage option in this category. 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 .25% above conventional rates.
Occupancy types allowed
True No Doc Mortgage 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 a
true no doc
Learn more about True No Doc
Mortgage Closing Costs
I have a page on calculating your qualification ratios.
I have a page on traditional documentation
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.
Prequalify for your True No Doc Mortgage