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No Documentation Refinance home loans allow borrowers who find it difficult or disadvantageous to document their income to qualify for competitive mortgages without providing any Income or Asset documentation.These types of loans are ideal when personal information, regarding assets do not want to be disclosed for privacy reasons.
This type of loan can also be used to streamline the process...
When applying for a no documentation loan, be sure to ask your mortgage professional what types of altermative to full documentation loans they offer. You may find that you qualify for a program that is an alternative to a full documentaion loan that will give you a much better rate than a true no documentation loan. i.e.- limited doc, stated, stated/verified assets, etc.
True no documentation loans temd to be priced the highest when it comes to interest rate.
Although many lending standards for no-doc loans have tightened as of late, there are still many no-documentation loan programs available.
Many borrowers "think" that they want a 'no documentation' loan, when in actuality they need a 'no income verification' loan.
A 'no income verification' can refer to a 'stated' loan program, where employment is verified, but income is not.
Chack with your mortgage professional at or to see which would best fit your needs.
In addition to no documentation loans, stated income loans, no ratio loans, and full income documentation loans some lenders will also offer a bank statement income documentation program. A bank statement program will total up your deposits for a specified period of time, usually 6, 12, or 24 months and then divide by the corresponding number of months and then they will use this figure for your average monthly income. This may be a better alternative to a no doc loan or a stated income loan if you can verify a stable job history and enough money coming in to qualify you.
There are actually programs available that will give you normal rates with less required documentation. These programs however are usually capped at 80% of the property value and require credit scores of 720 and higher.
No Documentation Refinance in the News:
| EPCOR announces 2009 financial results (CNW Group via Yahoo! Finance) |
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EPCOR Utilities Inc. today filed its annual and fourth quarter results for 2009.
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| MERCATOR GOLD plc ("Mercator Gold", "Mercator" or "the Company") Preliminary Announcement of the Financial Statements ... (Business Wire via Yahoo! Finance) |
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LONDON----Mercator Gold plc announces its preliminary results for the year ended 30 September 2009. The Company’s AGM will be held on Wednesday 28 April 2010 at The East India Club, 16 St James’s Square, London SW1Y 4LH at 10:30am and the annual report and accounts will be sent to shareholders by 31 March 2010.
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| Revlon Announces Completion of Credit Agreement Refinancing (Business Wire via Yahoo! Finance) |
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NEW YORK----Revlon, Inc. , today announced that its wholly-owned operating subsidiary, Revlon Consumer Products Corporation , had consummated the previously-disclosed refinancing of its existing bank credit facilities.
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| Garrett Johnson: The Biggest Financial Bailout of Them All (The Huffington Post) |
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Fannie Mae was actually hiding the vast majority of its worst performing mortgages off-book. Just how much is the taxpayer is on the hook for?
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| Nick Robinson (BBC News) |
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Iraq inquiry: Gordon Brown v Tony Blair
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