How To Get A No Doc Home Loan

If you are reading this post you probably already know what a no doc home loans is. But just in case that you are not completely familiar with it, it is a mortgage that requires no documentation. Generally the term applies to home mortgages but there are other types of no doc loans . There are banks and other lenders that will loan money with no proof of income or even employment. However inn our current economic morass they can be much more difficult to find, but they are out there.

When the wife and I got the home loan we have on our present house we didn’t provide any source of income. Neither of us had what most people would consider as “conventional careers”. To be perfectly honest, the mortgage guy was pretty clear that we shouldn’t even mention our annual income. Our current business was progressing nicely and was starting to show substantial profits. But, the previous year, when we still in start-up phase, our real income was too low to qualify for a conventional mortgage.

That said, we had to rely on our terrific credit score to qualify for the loan. We’ve always paid our bills in a timely fashion and our credit score reflected that this. I should tell you that the term no doc loan doesn’t really mean no documentation at all, it just means very limited documentation is required. We did have to give them all the information about our business start up and an appraisal of our former home. And as well when you hear about such things as “no income verification loans” you may still have to prove you have a job or business. You just don’t have to offer any income information.

That's it in a nutshell, so give it a lot thought and go confidently into your next meeting. As long as you have all your ducks in a row, getting a no doc mortgage loan should be a breeze.