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2018 No Document Loans – Stated Income – Fast Approval
No Doc Loans or no documentation loans provide increased ease and privacy in exchange for a higher interest rate. In the past, these loans did not require borrowers would not provide any income or asset documentation.
A question that many people are asking is what are my 2018 No Document loan options?
Before I proceed and explain these loans, I want you to feel comfortable trusting us to find the right program for you by asking for a Confidential Free Consultation. Someone will get back to you quickly to discuss your personal scenario with NO obligation or running of credit. This is simply to have an initial discussion to see if this is a good fit for you.
Different types of no doc loans (low doc, stated income, no ratio loans, bank statement loans are available to meet the needs of various employment and income situations and they are available in 2018
The more documentation you provide your mortgage lender (employment, income and credit history) the lower your interest rate may be. Many home buyers choose not to offer documentation for personal privacy reasons, and willingly opt for a higher interest rate. Yet, many of these home buyers have a healthy income, or savings, and a credit history.
A No Doc loan or Low Document loan provides increased ease and privacy when getting a mortgage in exchange for a slightly higher rate. In the past, anyone could apply for a no doc loan but now if it exists it would be for self employed borrowers.
Buyers that opt for a No Doc loan are typically those who don’t prefer to have their entire life and financial history presented to the lender. For instance, they might be using an inheritance to secure a loan or have fluctuating income from owning their own business. They also may not qualify as a self employed borrower if they had to do it based upon their net income on the tax returns.
Ease is a big factor as well. With a No Doc loan, the borrower provides their name and social security number, along with information regarding the property being purchased. The rest is up to the lender.
No Doc loans require the least documentation and are for buyers with good credit. The buyer provides minimal information (usually social security number and general property information) and the lender does the rest. No Doc home loans are great for people who want maximum privacy.
In 2018, there are not many true No Doc loans available where you do not provide ANY income or asset documentation. We have evolved to the point where every lender will at minimum require that you doument your assets and that they are sufficient enough to close the loan and make your first 6 months’ payments.
The Three Main Types of No Doc & Low Doc Loans
Stated Income (Low Doc) Loans
Stated Income Loans, or Low Doc loans, typically attract people who work on a cash or commission basis or people who don’t draw a consistent salary. The borrower will need to disclose earnings, usually for two years, and might need to show tax returns and bank statements.
No Ratio Loans
No Ratio mortgage loans are for borrowers who do not wish to disclose their income; therefore there is no debt-to-income ratio for the lender to consider. The No Ratio borrower has good credit and abundant assets that make up for the lender not considering the borrower’s income information. This loan can be a quick and easy process for borrowers that would have difficulty gathering documentation. Keep in mind that very few lenders offer this type of loan at the moment. UPDATE – No Ratio Loans are hard to find now.
No Income No Assets
No income no asset loans are for borrowers who do not or cannot disclose both income and assets. This loan type is also for borrowers whos income and assets are typically not sufficient to qualify for a loan. In this case, the borrower will need to have good credit. This loan will also be quick and easy to process.
To find out which of these loans is right for you, contact us or complete the free quote and we will get back with you to discuss your options free of charge.
In a recent article by CNBC, they tell us that some banks require few mortgage documents. In this case, they are calling it a Light Doc Loan where the bank does not have to comply with the Dodd Frank ATR or ability to repay rule.
Related Articles…
No Doc Mortgage Loans Explained – Mortgage 101
The Low Down On Low Doc Loans – Washington Post
Stated Income Loans Making A Comeback – Bankaholic
No Income Verification Mortgages – MSN Money
What Others Are Saying
Trulia – No Doc or stated income loans are making a comeback and this is huge for self employed borrowers.
American Banker – One of the best things for the lending business has been the bank statement loan for self employed individuals.
We are able to help you to find a no document loan with the best no document lenders in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.