No Doc Loan

A No Doc loan 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. Our No Doc lenders will allow as little as a 5% down payment on an owner occupied home or investment property 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 loan done. This is the product of choice if your asset or income is difficult to verify or if you simply do not want the "hassle" of traditional mortgage documentation. Your good credit, a decent property and we are done.

Another option would be to add your employment to the application. This program is frequently described as a "NINA" (No Income No Asset" loan. In this case, 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, written contracts, supplier invoices 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 interest rate.

Yet another option would be to have us verify your assets but not income or employment. Using this approach will require verifiable, relatively liquid assets of not less than 6 months of your PITI. 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 Ratio loan.

No Doc Loans are available as:

15 or 30 year fixed rate require only 10% equity and the rate will not change.

1, 3, or 5 year adjustable rate loans have lower rates but requires 25% equity in the property.

No Doc Loans are available for Single Family, Townhouse, 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. Allowable uses are for purchase or rate and term refinance. 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 Loan.

• Minimum middle credit score is 660 for the best rates but some lenders now will allow a 620 score with higher rates.
• 5 credit accounts are required. 3 may be from alternative sources-utility, auto insurance, etc. Housing history must have no late payments within 24 months
• Bankruptcy and foreclosures must be discharged for 3 years with reestablished credit. Judgments must be paid before closing.
• Two months PITI reserves are required with an LTV <=80%. 6 months reserves are required otherwise.
• 10% 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 $300,700 or your credit score is below 660