One of the versions of the stated income loan is the No Doc Loan. The No Doc Loans program is basically a program that doesn’t require any income, asset, or credit score information when the lender is making the decision as to whether or not a borrower qualifies. Unlike the stated income loan, the No Doc Loan allows businesses and LLC companies to borrow. With a big enough down payment or with enough equity in your current home it’s possible to qualify for a no doc loan.
No Doc Loans are changing
One of the most important aspects to getting approved for a No Doc Loan is that you have enough equity in your current home and with a decent credit history, you could be approved. No Doc Loans can be used to buy a house or refinance your current mortgage. There are also No Doc Second Mortgage programs available to borrowers as well. Some of the currently available No Doc Loan programs are listed below.
Available No Doc Loan Programs:
- No Doc ARM Loans
- No Doc Fixed-Rate Loans: 15 years to 30 year loans available for investment properties
Maximum No Doc Loan Amount:
No Doc Loan Available Property Types:
- Single Family Homes
No Doc Loan Eligible Borrowers:
- Individuals (Married or Joint Applicants)
No Doc Loan Credit Requirements:
- No(pending) Collection Matters over $5,000
- No Litigation in the past 5 years
- Prior Foreclosure or Bankruptcy Permitted
- Any Recent Repossessions Considered on Case by Case Basis
No Doc Loan Restrictions
There is a limit on duplex properties, which the limit is 1 for a 4 unit residential property. Condo projects must be warrantable and adhere to standard condo project eligibility requirements. No tear down properties are qualified only habitable properties in good repair only. Properties owned for less than 6 months are not eligible for refinancing. The cash out refinance option is not available with the No Doc Loan. Properties with over 10 acres are not permitted.