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No Documentation Loans
No Documentation loans are a simple solution. We offer a suite of programs collectively referred to as No Documentation loans. These loans assist borrowers obtain mortgage financing when their income or assets are difficult to verify.
No Documentation loans fall into three categories:
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No Documentation Loans require no employment, income, or assets to be stated on your application. No information is verified beyond your credit profile and value of the property. Our lenders allow as little as a 5% down payment. If you have past credit issues you will need 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. More detailed information on No Documentation Loans.
A No Ratio loan is a good choice as you do not state any income information and your rate will be less than for a No Documentation loan. Because we do not need income information, no debt ratios are calculated. We will verify employment and assets. More on No Ratio Mortgages.
Stated income mortgages are the least expensive option. We verify employment and assets, income is stated on the application but not verified. Your stated income must be reasonable for your occupation and assets. Rates are usually only .500% above conventional rates. More on Stated Income Mortgages.
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Property and Occupancy types
No Documentation Loans allow purchasing or refinancing a single family, townhouse or condo. An investment property or Vacation home is acceptable. While most lenders only offer these program up to $359,650, we also offer Jumbo No Doc Loans. |
