No-Doc Mortgage Loans: No income documentation No tax returns.

Table of Content

• What Kind Of Loan Do You Get For An Investment Property
• Home Dream Loans
• No Doc Home Loan in El Cajon, CA
• How no-doc mortgages work, and who they work for
• No-Doc Home Equity Loan
• What is a No Documentation Loan?
• Using No Doc/stated Income Loans For Commercial Real Estate
• Eligible Properties For State Income Loans

Consult your mortgage professional to find out which mortgage loan program is best for you. Qualifying for a mortgage loan using stated income, no income verification or no-doc underwriting is definately one of the most important reasons for real estate investors to use private money lenders. This is because investors can more easily qualify for financing without meeting rigorous debt-to income ratios based on documented income. Many self employed borrowers find it difficult to document income and unlike full-doc conventional mortgages, a stated income loan is easier to get approved. There are no tax returns or other income documentation used. This helps real estate investors, builders and business owners to have greater access to the capital needed to grow their businesses.

However there are several benefits to a no income verification mortgage, including less paperwork, and the ability to close on a home faster than with a loan that requires extensive documentation. In addition, owing to the real estate crisis of 2008, todays no doc mortgage in Los Angeles, California has more consumer protection than ever, giving you peace of mind as you secure financing for your home. The No Doc Loan program is the most streamlined No Doc Mortgage Refinance program offered. Unlike a Stated Income Loan the No Doc Loan requires NO documentation. Business Entities such as LLC, Partnerships, Corporations or Irrevocable Trust may borrow as a No Doc Loan with personal guarantor. Borrowers who have a large down payment or significant equity, are rewarded with our “Hassle Free”, No Doc Mortgage Rates, no income and no asset verification processing.

What Kind Of Loan Do You Get For An Investment Property

This is especially true when you are trying to buy a loan in a sellers market and you dont have months to wait for a home loan to be approved after a bank has combed through every detail of your financial life. Reduced documentation loans are not an opportunity to falsify income in order to obtain larger loans. This type of mortgage fraud is being more closely investigated by lenders and the FBI. No Income Verification Mortgage Loans - The "no Income Verification" mortgage feature is designed specifically for self-employed, non-salaried or commissioned borrowers as well as salaried borrowers. This feature eliminates the need to verify earned income, although assets and unearned income must still be verified.

They are willing to pay a premium for this usually paid for with higher interest rates or points. Please be aware that this is not an advertisement for credit. Nothing on this site contains an offer to make a specific home loan for any purpose with any specific terms.

Home Dream Loans

A conventional mortgage is any loan not backed by the federal government. Learn about the different types of conventional loans that exist. VA IRRRL. Military borrowers may be able to get a lower mortgage rate with the VA’s interest rate reduction refinance loan without providing earnings paperwork.

This one allows one to either state their income or fully disclose your income, but not necessarily penalize you for have a worse than 50% debt to income ratio. NINA mortgages, No-Income No-Asset, do not require loan applicants disclosing the amount of their salaries and their cash reserves. Banks still want to know about the homebuyers' employment information. NINANE, which stands for No-Income No-Asset No-Employment, or better known as No-Doc mortgages, do not require even the disclosure of the homebuyers' employment. These loans typically carry higher interest rates than fully documented loans.

No Doc Home Loan in El Cajon, CA

Compare stated income loan processing streamlined with reduced documentation equity loans for self-employed borrowers seeking cash with less paperwork. Limited and no doc home loans place more of an underwriting emphasis on credit score rather than income documentation. Many people who own their own business enjoy financing with the least amount of paperwork as possible. Self-employed home loans and credit lines are in high demand because less income documentation is required. Discuss the eligibility requirements on "stated home loans" with one of our lending representatives today.

NINA loans will carry even a higher rate bump than stated loans because of the higher risk in these types of loans. These types of loans are good for people who are self-employed and make a lot of money but write off a lot too. NINA loans are also good for people whose incomes may be just a little higher than the permitted DTI, debt to income ratio, on a certain program. NINA loans can also be good for people who have other sources of income, in addition to their primary jobs, that can not be documented or would not be accepted by a lender.

How no-doc mortgages work, and who they work for

There are several ways to go about getting a no income verification mortgage in California. For example, you may be able to use your bank statements as a way to estimate how much you qualify for when it comes to getting a home loan. You may also want to look into an asset-based mortgage, known as an asset depletion loan, where youre qualified for a home loan based on the value of your liquid assets.

Lenders collect and review the deposits on 12- to 24-months’ worth of your personal or business bank statements to calculate your qualifying income for a loan. Some lenders may go as high as 55% (traditional mortgages are usually between 36% to 45%), though the actual ratio is lender specific. The type of lender that you use, the nature of your security property and your credit history will determine the interest rate that you will pay. All four of the major banks and many of the major lenders in Australia no longer offer no doc home loans. Commercial loans are available for office, retail and special use properties like C-Stores and bowling alleys.

Real estate investors and business owners can benefit from Stated Income, No-Doc loans for obtaining the capital they need for wealth building and owner-occupied business properties. At IGR Mortgage Services we provide No Doc Loans For Real Estate Investors Nationwide. We firmly support this underwriting method and proudly offer loan programs with hassle-free qualifying to help borrowers meet their goals. That’s what our National Stated Income, No- Doc Loans are meant to provide. NINA loans are often used by homebuyers whose incomes are difficult to document, such as waiters, taxicab drivers and hotel doormen, whose incomes consist mostly of cash tips. Many small business owners also prefer NINA mortgages because their incomes are closely tied to their business.

For this reason, lenders require a high FICO score and a substantial down payment. While these loans are safer, the interest rates are higher. There are some specific requirements that you must meet in order to be eligible for a no-doc home equity loan. Generally, you need to own a home that meets certain government standards to qualify. If your home is not a “qualified mortgage,” you will need to show that you make enough money to repay the loan. No-Doc Loans are the perfect option for borrowers looking to avoid income documentation or verification when purchasing or refinancing a residential investment property.

What is a No Documentation Loan?

"No-income, no-asset" loans --all that's needed for this loan is an excellent credit history and a property appraisal. The better your credit score, the less documentation the lender needs. They make homeownership more accessible.If you previously couldn’t get a traditional mortgage due to strict documentation requirements, a No Doc loan might help you qualify for a loan. No income or employment information is required, basically just a credit score and an appraisal is all that’s needed. In addition to requiring no doc documents, no-doc loans are subject to the same repayment terms as other no-doc loans.

Many times if your credit score is 720 or higher, you can obtain a reduced documentation loan for the same rate as if you fully documented your income & assets. Another example of reduced documentation, or alternative documentation, is using 6, 12 or 24 months bank statements to verify income. Monthly income calculated but most lenders will use the full amount. No income verification mortgage loans are not meant to be used by borrowers or mortgage professionals to falsify income in order to purchase a more expensive home. Falsifying income on a mortgage application is a federal crime that is punishable by law.

Using No Doc/stated Income Loans For Commercial Real Estate

A NO-DOC loan is good for borrowers who just relocated, or have recently become self employed. If you have excellent credit and are seeking a lower LTV loan amount, this loan may not cost you any more than a full doc loan. Learn more about which loans people are having the biggest obstacles with this year. We train our loan personnel in the principles of fair processing and underwriting. We avoid practices or policies that have a discriminatory effect. This rule applies to all phases of our mortgage lending business.