I have to assume that if you are reading this article then clearly you need to know a lot more about no doc home loans. Obviously there are a wide variety of reasons to want to get this type of mortgage loan. The biggest advantage for using them is that you don't need to report private information such as your monthly income amount or even your source of employment. And for the most part you don't have to show any of your assets on the loan application either.
No doc loans are a terrific method for you to get all the money you need even if you have no ability to come up with documentation that normal home mortgages require. And it can be that the your just don't want to reveal this information to the lender. Maybe it is because you are self employed or unemployed. You can use no doc mortgage loans for buying: single family homes, condominiums and town homes. You can use them for purchasing non owner occupied investment property as well, although a different set of requirements are in place for these. The income property has to have a lower loan to value ratio AND you'll need a down payment.
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The two biggest factors that lenders look at when you are looking to get a no doc loan are:
*Credit History, and
*Credit Score
With that said, like when applying for a non-owner occupied investment property, you'll almost always need a sizable down payment before they'll even consider giving you the loan.
You'll need to show your loan officer a spotless history of prompt and timely credit payments and have a credit score greater then 680 and above. In that whoever is underwriting the loan has the final decision, it is important to bump up your credit scores.
By now this type of home loan must be sounding like a great deal to you. So, what are the drawbacks of these types of loans? Well, first and foremost, it is the high interest that the lender is going to hit you with. It is not at all unusual for the interest rate to be two percent or more above any conventional mortgage you might try to get.
Now you know what you are up against BEFORE you go to your local bank or credit union. With this information you should be at ease when you decide to take the plunge.
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