No doc loans are mortgages that do not require the borrowers monthly income amount and employment source to be filled in on the mortgage application. No Doc loans are a great program for the borrower that just doesn't have the ability to come up with the required paper work for a conventional or stated income loan such as a self employed or unemployed borrower. No Doc mortgage loans are available for the purchase or refinance of Single Family homes, town homes and condominiums. No Doc Loans are also available for non owner occupied investment properties as well, but have different lending guidelines that will apply and they are only available at lower loan to value ratios and will require a down payment or equity for a refinance.
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A no doc loan means that no documentation regarding amount or the source of the borrowers income is required; assets are left off the mortgage application as well. No doc loans are underwritten entirely on the strength of the borrower?s credit report and down payment amount or equity in the property. Past credit history and credit score are very important factors when applying for a no doc mortgage loan since the underwriters final decision is based on very limited information. Credit scores of 680 or above are commonly required for a No Doc mortgage loan. However many sub prime lenders offer No Doc mortgage loans but as the sub prime industry tightens up these are the first programs to be eliminated due to the risk involved to the lender.
The only real drawback to a No doc loan is the higher interest rate. Interest rates can be as much as 2% higher for a no doc loan compared to a standard fully documented loan. Even with the higher interest rate No doc loans are perfect for people who have changed careers or have income that is hard to prove, seasonal or very wealthy borrowers who do not want income and assets exposed. Even though they do not require income amounts to be listed on the loan application No doc mortgage loans are not a opportunity to lie about the amount of your income to buy a more expensive house that you normally would not qualify for. Despite the fact that you have excellent credit the lender will typically charge you a slightly higher interest rate than if you were providing full documentation of your income and assets.
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