You may have heard through the mortgage market buzz about stated income loans, well these loans can also be known as No Doc Loans. The No Doc Loan is a version of the stated income loan. The No Doc Loan is basically a program that doesn’t require any income, asset, or credit score information when the lender makes the decision as to whether or not an individual qualifies. Unlike the stated income loan, the No Doc Loan allows businesses and LLC companies to borrow and with a big enough down payment or enough equity in your current home it is possible to qualify for a no doc loan.

Getting Approved For a No Doc Loan

One of the main and most important requirement needed for approval, is your current home MUST have enough equity in it and the other important factor is, you have to have a decent credit history. No Doc Loans can be used to refinance your current mortgage or to buy a new home. There is a No Doc Second Mortgage program available to borrowers who qualify as well. Some of the No Doc Loan Programs can be found 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:

• $2,000,000.00

No Doc Loan Available Property Types:

• Single Family Homes
• Condos
• Townhouses
• Duplex

No Doc Loan Eligible Borrowers:

• LLC’s
• Partnerships
• Corporations
• 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

The Down Side to No Doc Loans

If you’re interested in an investment property that has more than 1 unit, such as a duplex, the limit for a No Doc Loan is 1 for a 4 unit residential property. Condo projects much adhere to standard condo project eligibility and must be warrantable. The No Doc Loan doesn’t accept tear down properties either, habitable properties in good repair only. Any properties owned for less than 6 months are not eligible to be refinanced. The Cash-out option is also unavailable with the No Doc Loan. Lastly, properties with over 10 acres are not permitted.

Click the link below to be matched with a lender who can help you with all your No Doc Loan needs and can answer any questions you may have. Be sure to shop around to multiple lenders, not every lender will offer the No Doc loan program and guidelines will vary lender to lender.
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