Sentences with phrase «doc loans»

That's essentially what the no - doc loan means — neither the income, assets or employment would be verified.

He offered to put 50 % down but needed a no - doc loan because he hadn't found a job yet.

No - doc or low - doc loans not allowed.

Borrowers also may use no - doc loans when they derive most of their income from commissions or when they have very complicated income structures.

That's essentially what the no - doc loan means — neither the income, assets or employment would be verified.

With Easy / No Doc loans little or no documentation is provided to substantiate the borrower's income and assets.

One lender (specializing in no - doc loans for the self - employed) was even prepared to approve us for a mortgage loan with a payment that would have amounted to about 42 % of our monthly income.

You can't have a no doc or low doc loan application because the income and employment verifications are insufficient.

Some private - sector lenders concocted loan formats during the past decade which lead directly to the mortgage meltdown — can anyone say option ARM, interest - only financing or no - doc loan application?

The Balance sheet is part of the 1003 mortgage application for Full Doc loans.

This is another variety of doc loan.

Additionally, borrowers who receive a good portion of their income in cash, such as tips, might also want to consider the Easy Doc loan.

With Easy / No Doc loans little or no documentation is provided to substantiate the borrower's income and assets.

Every real estate loan, even our specialized Low Doc loans, still will require several important documents.

In many cases, the LTV on a Easy / No Doc loan is limited to 70 -75 %.

Since there is more risk, the loan will usually have a higher interest rate and won't offer as high of a LTV as a Full Doc loan.

Additionally, borrowers who receive a good portion of their income in cash, such as tips, might also want to consider the Easy Doc loan.

That's essentially what the no - doc loan means — neither the income, assets or employment would be verified.

When i was 20, i bought 5 buildings in 5 years during the no doc loan years with a bunch of liar loans.

Lenders used the now infamous stated - income mortgage and the no - doc loan to qualify borrowers who couldn't document their employment or income.

Homeowners took cash out to buy other homes with zero - down, no - doc loans, then, in turn, cashed out those homes to do it again.

The original idea behind no doc loans was to make purchasing a home easier for business owners.

The most infamous of the no doc loans was the NINJA loan, with No Income, No Job or Asset verification required.

Pre-housing crisis, many lenders offered no doc loans to consumers who really had no way to repay them.

As these loans» popularity increased, though, lenders and homeowners began pushing the envelope with no doc loans.

Low - doc loans were also a small niche.

These are also referred to as no - doc loans.

Easy and No Doc loans could be classified into «Stated Income», «Stated Assets», «No Income Verification (NIV)», «No Income / No Asset (NINA)», «No Ratio», etc..

Because of the risk associated with Easy / No Doc loans, a borrower may have to make a larger down payment.

Consequently, Easy and No Doc loans should only be used when necessary, not simply to avoid the paperwork requirements of a Full Documentation loan.

Credit standards are generally a little higher for Easy / No Doc loans.

A no doc loan.

We have been servicing Arizona with no title or no doc loans for years, so we know the Phoenix and surrounding areas better than anyone.

More loans with no doc loan applications.

People were in houses they couldn't afford otherwise thanks to no - doc loans, interest only loans and ARMs with super-low interest rates for the first five years that then ballooned and made the house payment unaffordable.

According to SF Gate, «most lenders consider credit scores of 740 or higher to be in the «good» to «excellent» range, so borrowers seeking no doc loans should have a score at least that high.»

Because no doc loans are risky for lenders, your interest rate will be much higher than usual and you may have to look around at multiple companies before someone will take a gamble on you.

So why in the world would you make a post about doing a no doc loan, and then turn around and say that you don't offer them?

Please provide me information so I can secure no doc loan for my home.

Filed Under: Buying / Selling, Purchase Tagged with: loan with out employment documentation, no doc loan, no doc mortgage, no documentation loan, no documentation mortgage, self - employed mortgage

This option (also sometimes called a stated income or low doc loan) doesn't require the normal sort of documentation of most loans.

More troubling were no - doc loans, where borrowers only provided a credit score.

A no doc loan can eliminate the need to do so.

Some borrowers also prefer no doc loans for privacy reasons.

If you're self - employed or work on commission and receive irregular paychecks you may also want to consider a low doc loan.

Typically a no doc loan is based on your credit score and rating.

Lenders used the now infamous stated - income mortgage and the no - doc loan to qualify borrowers who couldn't document their employment or income.

One of the defining characteristics of an Alt - A mortgage is that it is typically a low - doc or no - doc loan, meaning the lender doesn't require much (if any) documentation to prove a borrower's income, assets or expenses.

That being said, low - doc and no - doc loans can be helpful if you actually have a good income but can't substantiate it because you earn it sporadically (for example, if you're self - employed).