what is a no doc loan

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.

Basically, the difference between a no doc home loan and a regular home loan is that the no doc home loans are available to borrowers who struggle to provide any proof of financial information.

todays fha mortgage rate With high overhead costs, retail banks can only go so low – even for their longtime customers. With low operating costs, we can afford to beat their rates, hands down! Conventional FHA lender 30 year Fixed Rate 30 Year fixed apr 15 Year Fixed Rate 15 Year Fixed APR 30 Year Fixed Rate 30 Year Fixed apr amerihome 4.5% 4.632% 3.99% 4.218% 4.25%.

In other words, no doc loans are a "rate for risk" type product. The higher the risk you are to the lender, the more expensive your loan will be. In most cases, low doc loans range from 7% p.a. to 11% p.a. depending on the percentage of the property value that you’re borrowing and your credit history. If you’re.

If you are searching for no doc loans, then you know that they can offer you more privacy when trying to purchase a home, or get loans for the unemployed.The trade-off of such privacy is often having a higher interest rate. Depending on what your employment situation may be, or what types of income you have, a no doc loan may be perfect for your situation.

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However, for self-employed borrowers, this is no easy feat. Many borrowers don’t receive payg income, and don’t have access to the standard documents used to prove their earnings. Low-doc loans exist.

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Stated income loans are making a comeback – sort of. Extremely popular in the early 2000s, stated income loans were one of the factors of the housing market collapse. Why? Lenders were approving borrowers based on the income stated on their loan application, but didn’t require income documentation to verify if it was accurate.

no cost refinance loan Unlike an interest rate, however, it includes other charges or fees (such as mortgage insurance, most closing costs, points and loan origination fees) to reflect the total cost of the loan. Points An amount paid to the lender, typically at closing, in order to lower the interest rate.

The no doc mortgage does not exist in the same form that it had before 2008. Great Recession-era reforms require lenders to make sure the borrower can afford to repay a mortgage.

VerificationAt the height of the housing boom, many lenders were approving "no-income verification/no-documentation loans," but those are pretty much impossible to find today. Borrowers need to prove.