Who Benefits from No Doc Loans?

The more documentation you provide to your mortgage lender (employment, income and credit history) the lower your interest rate may be. Many home buyers in the past have chosen not to offer documentation for personal privacy reasons, and willingly opt for a higher interest rate. Yet, many of these home buyers had a healthy income, or savings, and a credit history.

A no doc (documentation) loan provides increased ease and privacy when getting a mortgage in exchange for a slightly higher rate.

Buyers that opt for a low doc home loan are typically those who don’t prefer to have their entire life and financial history presented to the lender. For instance, they might be using an inheritance to secure a loan or have fluctuating income from owning their own business.

Ease is a big factor as well. With a no doc loan, the borrower provides their name and social security number, along with information regarding the property being purchased. The rest is up to the lender.

`No Doc Loan requirements and guidelines

• No Doc loan requires NO employment, income, or assets to be stated on your loan application. The bank will not verify any information beyond your credit profile and the value of the property.
• Foreign Nationals, Permanent Resident Aliens and Non-Permanent Resident Aliens are OK.
• Corporate, Partnership or Trust Held Title is allowed
• 1-4 family properties, condo, coop and PUD.
• Primary residence, second homes and investment properties are eligible.
• Purchase, no cash out refinance and cash out refinance transactions are eligible.
• 620 minimum fico score requirement.
• 3/1 and 5/1 Treasury ARMS with a 40 Year Amortization are available for owner occupied transactions.
• 3/1, 5/1, 7/1, 10/1 Treasury ARMS with a 40 Year Amortization and 30 Year Fixed Programs are available for investment property and second home transactions.
• Loan amount up to 10 mil.

!Purchase Special!

The Maximum LTV on Purchases, where the Credit Score is ≥ 740 is Now 70% LTV (60% for Coops). The Transaction must be a Bonafide Purchase of a 1-2 Unit, Owner Occupied, and Primary Residence.

Are you ready to get started?

Contact me, Isaac Weiser, to help you begin. I will go through each step with you and make sure you understand everything that comes your way. I will determine whether you are a good candidate for a NO DOC loan and how much you can afford — all in a simple phone call! Once you’re prequalified, you will know what price range to look in and can start searching for your home. I promise to do everything I can to make this experience what it should be — enjoyable! I look forward to being a part of such an important time in your life. I can be reached at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or at 347-559-5626.