low doc mortgage lenders
All About No and Low Documentation Mortgages. No- and low-documentation (no and low doc for short) mortgage loans are a good way for people to keep their privacy guarded or to get a mortgage when it’s logistically too difficult to document their income. However, less documentation comes at a higher price and you must have good to excellent credit.
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Low-doc home loans are generally designed for self-employed borrowers who have the deposit and income to be able to pay off a mortgage but may not have all the standard documentation to prove it. Back in the 1990s, mortgage brokers recognised that not all lenders fit into one category.
No-Doc mortgages began to be misused as lenders started making sub-prime loans with low credit score, low assets, and no down payment requirement.
Lenders issued $34 billion of these unconventional mortgages in the first three. didn't ask for documentation, earning them the nickname “liar loans.. said she plans to refinance into a more traditional loan with a lower rate.
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No Verification/No Documentation Loans If you wish to make sure your home purchase is kept private, you might want to consider obtaining a no verification or no documentation loan. These types of loans help you to keep your financial information to yourself without having to share it all with your lending institution.
Do any banks in Florida do stated income loans or no doc/low doc loans? find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
A no doc mortgage loan requires the borrower to have excellent credit. Depending on the type of no/low documentation loan, only certain information needs to.
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JUMBO LOANS – Offers 15, and 30 year fixed rate mortgages as well as competitive ARM products with stated and full documentation of income and assets. Great Northern Mortgage also offers SUPER JUMBO LOANS UP TO $3,000,000. This product is a perfect choice for New york home loans and New York mortgage refinance.