Question:
Are No Doc Loans
Still Available? Answer:
Unfortunately due to the recent ever changing
mortgage market, reduced and no documentation
type of loans are increasingly difficult to
attain. We are consistently looking for avenues
to fulfill the need for such a product. Please
feel free to contact us with your mortgage needs
and we can evaluate with programs that are currently
available.
Question:
What is a No
Doc Loan? Answer:
A No Doc is a loan that does not require the
typical documentation needed by "Full Doc or
Reduced Doc" loan programs. Those programs require
full or partial disclosure of income, employment,
assets (cash in the bank) to name a few.
Question:
What Will Not Be Verified? Answer:
A true "No Doc" program will not verify the
following:
1) Employment
2) Income
3) Assets (cash in the bank)
Question:
What Documentation
would be required? Answer:
No Doc programs will require the following:
1) Minimum Fico Requirement starting at 700
2) Mortgage or Rental History for 12 Months.
3) Minimum Credit Tradelines of 3 accounts reporting
with 24 months on-time payments.
4) Full Appraisal
5) Title Commitment
6) Hazard Insurance (For SFR's) or Condo Warranty
(for Condo's)
Question:
What Kind of
Properties Types Are Available? Answer:
Typically No
Doc programs are available on Single Family
Residences (SFR), Townhomes and Condominiums
only. They are not currently available on Mobile
homes, Manufactured Housing, Raw Land or Commercial
properties.
Question:
I am Self Employed and I have been told I have
to do a no documentation loan? Answer:
Not necessarily. Being self employed used to
be a problem when obtaining a mortgage. There
are programs such as "Lite-Doc" or "Alt-A" that
are geared towards self employed borrowers.
