Connect with us to find out if you qualify for a no documentation loan. A No Doc loan or Low Document loan provides increased ease and privacy when getting a mortgage. In the past, anyone could apply for a no doc loan but now loans like this are for self employed borrowers.
. to refinance with less documentation and underwriting. The calling card of the FHA streamline refinance is that no appraisal is required, a huge draw for underwater homeowners, says Jay Dacey, a.
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Great Northern Mortgage offers mortgage for self employed and super jumbo loans up to $3,000,000 and no income check and no doc verification loans where your income is not verified.
These new stated income mortgage loans are often referred to as " bank statement loans ", "alt doc loans", or "alternative income verification loans". Technically, you are not just merely stating your income, but rather using an alternative means to verify your income (both personal and business bank statements may be used).
Having said that, there’s no such thing as a perfect. Once you’ve done this, choose the best loan option for you, add documentation and information about yourself and the loans you’d like to.
Generally considered last-resort loans, Parent PLUS loans are recommended only after all other avenues for financing have been exhausted. A Parent PLUS loan is a federal loan made strictly to the.
Takeaways on No Doc Loan Programs. Getting a no documentation loan without the typical two years of tax returns is harder than 10 years ago. But the above tips can definitely make it easier to be approved for a mortgage loan without tax returns or a no documentation refinance loan.
Most banks and lenders only offered financing up to a CLTV of 80% if you could only provide "No Doc" documentation. However, you could tack on a second mortgage from a different lender as well and still get to 100% financing!. If you were refinancing and had enough equity in your home, you may have been able to take out a mortgage using a no documentation loan while avoiding any associated.
The no doc mortgage does not exist in the same form that it had before 2008. Great Recession-era reforms require lenders to make sure the borrower can afford to repay a mortgage.