No Documentation Home Loans
The ideal candidate for this program is the Self employed, 1099, or W-2 employee, seeking a true minimal documentation loan. This loan program is ideal for refinance no cash out & cash out LTV's of less than 70% by both owner occupied and non-owner occupied properties @ full documentation conventional rates;
For purchase loans of owner occupied properties to 95% LTV with a minimum 620 FICO score and investment properties to 80% LTV. No subordinate financing is allowed.
The program eliminates any reference to income, assets, employment and liabilities. There is no verification of any information outside of the qualifying property and credit. Liabilities on the credit report are not reconciled.
The No Doc applicant will show a high regard for their financial obligation as reflected in their credit score model. The applicant must NOT state the specific sources of; income (e.g. employer name, address, phone number, 401 (K), etc.), assets, or liabilities. The applicant must provide details on the property to be financed. If the property is a primary residence, it must NOT be listed as an asset. All other sections of the mortgage loan application must be fully completed and supported with standard documentation.
12 months on time rent or mortgage documentation must be provided.
Features:
No income
stated
No assets stated
No liabilities stated
No
form 4506
Eligible Borrowers:
Purchase,
rate/term and cash out refinances available on primary residences, second
homes, and investment properties.
