what is a no doc loan

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What is a Low Doc Loan? No Proof Of Income Required – A low doc (or low documentation) home loan is a type of home loan that can be approved without the normal income verification requirements. What this usually means is that you sign an income declaration and provide reduced income evidence often in the form of BAS, business account statements or an accountant’s declaration.

No Doc Loans – Refi Guide for Home Refinancing – In 2017 the no doc loans are available for borrowers that lenders consider a lower risk factor than in the past. Limited Documentation and No Doc Loans. With very limited exceptions, it’s very difficult to get a no documentation loan today. The only way is if you have 740 or higher credit.

No Doc Loans – Stated Income – 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.

Basically everyone just went no-doc to avoid the trouble, even if they could verify income, assets, etc. Prior to the crisis, there were a large number of Alt-A lenders and subprime banks that offered "No Doc" mortgages, but pretty much all of them shut down as a result of the downturn. No-Doc Loans Are More Expensive Because They’re Riskier

What is NO-DOC LOAN – Black's Law Dictionary – What is NO-DOC LOAN?. To complete this type of mortgage loan application, no supporting documentation is required. The interest rate common to such a loan is typically higher than full or reduced documentation loans.

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‘Liar loans’: Mortgage woes beyond subprime – Inside Mortgage Finance’s Cecala said he believes underwriting of the loans had grown too loose by the end of last year, and that even some subprime borrowers were getting so-called low-doc or no-doc.

What is a No or Low Doc loan? – Rostron Finance – Both No and Low Doc loans are for self employed customers who are unable to provide proof of income (tax return/financials). In some instances we are able to prove the income from bank statements (Low Doc Loan) whereas if the applicant is a home buyer with good credit history we can get it approved without any proof of income at all (No Doc Loan).

No Income Check Loans and No Doc Verification Mortgage. – 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.