No Doc Mortgage

No Doc Mortgage Loan

The no doc mortgage, also know as the no income verification loan is designed to simplify the mortgage process for borrowers by eliminating complex underwriting rules and burdensome paperwork.  We can use this program for primary residences. Here are the key features and benefits of the program:

  • Simplified Application Process: Employment and income are not stated on the application, and no income documentation is required.

  • High Loan Amounts: Borrowers can access loan amounts up to $2 million.

  • Flexible Use of Funds: Cash-out can be used as reserves, and debt consolidation is considered as rate/term.

  • Loan-to-Value (LTV) Ratio: The program allows for an LTV of up to 75% for purchase or rate-and-term refinances.

  • Credit Score Requirements: A minimum FICO score of 680 is required.

  • Reserve Requirements: Reserves can be as low as six months, with asset seasoning of just 30 days.

  • Primary Residence Only: This program is available exclusively for primary residences.

  • Restrictions: Mortgage is not available in DC, MD, ME, NC, NV, PA, WA, or WV. Specific requirements apply in states like Colorado, Illinois, and Texas.

We aim to make the mortgage process better for self-employed individuals who might struggle with traditional documentation requirements. This helps us to close loans quickly and efficiently, often in days rather than months.

Think you qualify for a No Doc Mortgage Loan?

Check rates on the no income verification loan for primary residence purchase or refinance. Click the button and plugin your scenario.

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