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No Doc Loans—The Easy Way to Buy, Refinance or Take Cash Out of YOUR Home

No Doc Loans, also known as no documentation loans, do not require income, asset or employment verification. These loans are based on the value of your home, the quality of your credit and your middle credit score. You will not need W-2's, tax returns, pay stubs, verifiable assets, bank statements, etc., and you will not be asked to "state" your income. No Doc Loans are available with an interest only option, no prepayment penalty, no escrows for taxes and insurance, no 4506 and no down payment. 

We get a lot of calls from frustrated borrowers who are having trouble with their current lender because the lender either didn't understand that they needed a (real) No Doc Loan, or they "misquoted" the interest rate and points, or they weren't truthful about how long it would take to get approval, or they made a mistake and they actually needed you to document assets, state your income, prove self-employment, etc., etc... We will typically issue a credit approval the day you apply for a no doc home loan and we can close (and fund) the loan 48 hours after formal approval. So if you already have everything lined up (appraisal, title work, etc.), there is a good possibility that we could get your loan closed very quickly.

No Doc Loans Are Our Specialty (apply for a no doc loan)
    No Doc Home Refinance with Cash Out

    A No Doc Loan might be the right choice if you are looking to refinance with cash-out. We do not limit the amount of cash out that you can get (subject to loan to value restrictions), and it is not uncommon for us to do a no documentation mortgage where a client receives a few hundred thousand dollars cash back at closing. Additionally, we frequently get requests from borrowers looking for a cash out no doc refinance and we find out that they are actually employed (or self-employed) and can verify their employment for two years, but cannot verify assets.

    We can usually qualify these clients with a stated income, no income or no ratio loan without asset verification. We can do this because in most cases we will consider the cash-out from the refinance as the "required reserves" that most of these programs require. So if you can verify employment, but can’t document assets, then one of these programs might be a good fit for you and you should be able to get a better interest rate then with a real no documentation loan. It is also worth noting that we do all of these home loans without requiring you to sign any of the IRS Forms (4506, 4506t and 8821) that many lenders make you sign at closing. 

    100% No Doc Loan

    Our 100% no doc loan (80/20) is now available (even for first time home buyers) with a 680 or better middle credit score. It requires no down payment, there is no prepayment penalty and you can waive escrows/impounds which can help keep your payments down throughout the yearOne limitation with the 100% no doc is that it has a payment shock limitation. In other words, we will limit your new monthly payment to twice your current rental or mortgage payment and we will require cancelled checks if you do not rent from a professional property management company. We do make exceptions to this payment shock limitation if you have deep credit and a 720 plus middle credit score.

    5% Down No Doc Loan

    If you have at least 5% down, a 680 or better middle credit score and a solid credit history, you can get a good rate on a “piggyback” no doc loan and we will not require a rental or mortgage history. These loans do not require PMI because we are doing a first mortgage at 80% loan to value and a second mortgage at 15% loan to value. In most cases, we will not calculate "payment shock" for borrowers with credit scores above 680 who have 5% down and above 660 with 10% down unless you are really stepping up in payment. (We also offer the loan with PMI at 5% down should you not want to do the piggyback). 

Properties not eligible for no doc financing:

Farms or rural properties with acreage, manufactured homes, mobile homes or doublewides, mixed use, commercial, loans for investment property flips or renovation, construction loans, berm or earth homes.
No Doc Loans are available for investment properties, but different guidelines apply and they are only available at lower loan to values so please call for more information.