No Doc Loans
No Doc Loans 101 (no income, no asset, no fico)
No Doc Mortgage Loans are available!
The No Doc Loan program (no income, no asset, no fico) is the most streamlined No Doc Mortgage Refinance program offered. Unlike a Stated Income Loan the No Doc Loan requires NO documentation. Business Entities such as LLC, Partnerships, Corporations or Irrevocable Trust may borrow as a No Doc Loan with personal guarantor(s). Borrowers who have a large down payment or significant equity, are rewarded with our “Hassle Free”, No Doc Mortgage Rates, no income and no asset verification processing. The Express No Doc Loan is designed to make No Doc Property Loans financing fast, easy and accessible.
No Doc Loans are changing…
Recently, No Doc Loans have became the only alternative to conventional residential home loans or home mortgages. No documentation is needed for a No Doc Loans except for verified equity and a decent credit history.
No Doc Loans are good when seeking a refinance or purchase of a mortgage on real estate when you cannot show assets or income. A No Doc Loans second mortgage is available in some areas while a no doc home loan 1st mortgage would be available in many areas…specially for home improvements on a residential property. There are also many no doc home loans for commercial were rate and fees can be stiff. A lot of no doc loans or mortgages are needed for improvements and/or the purchase of a commercial property for businesses. Banks offering no doc loans are far and few between. No Doc Loan Requirements:
AVAILABLE NO DOC LOANS PROGRAMS:
- ARM Loans: 3/1 , 5/1 and 7/1 Hybrid ARM
MAXIMUM NO DOC LOANS SIZE
NO DOC LOANS PROPERTY TYPES:
The No Doc Loan program allows 1-4 Family Residences, PUDs, Condos, Town-homes and 1 4 unit mixed use properties (commercial portion may not exceed 25% of the total square footage for No Doc Home Loan).
ELIGIBLE NO DOC LOANS BORROWERS:
Business entities: LLCs, Partnerships, Corporations, Irrevocable Trusts. PERSONAL GUARANTOR IS REQUIRED.
Individuals (including married or joint Applicants or Revocable Trusts Foreign Nationals and Non permanent resident aliens allowed are all available for No Doc Loans.
NO DOC LOANS CREDIT:
No pending combined collection matters over $5,000; no litigation in last 5 years other than resolved collection matters. This is not a governemt loan.
We will consider 2nd chance Loans – A no doc home loan will consider borrowers with prior foreclosure (with other lenders) or bankruptcy, however borrower(s)/guarantor(s) must demonstrate an overall acceptable credit history with no evidence of credit abuse or mismanagement of finances. Credit explanations may be requested on a case by case basis for a second chance no doc home loan.
Past foreclosure, repossession or settled account may be considered on a case by case basis for a second chance no doc home loan.
NO DOC LOANS INCOME/ASSETS:
Not required for No Doc Home Loan program.
NO DOC LOANS LENDING TERRITORY:
Selected counties in California, Georgia, Massachusetts, New York, Texas and Washington.
NO DOC LOANS GUARANTOR:
Required on all principals of 25% or over ownership.
NO DOC LOANS RESTRICTIONS:
Limit on number of 1-4 unit residential properties (including their primary residence) that are currently financed is 3 per household, entity, or guarantor for the No Doc Home Loan program (Including No Doc Loans for Investor properties).
Units in condominium projects must be warrantable (see non-warrantable condo for more details) and adhere to industry standard condo project and PUDs eligibility requirements. Exposure not to exceed 20% of the total project for any attached PUD or Condo Units. This also includes attached or row style housing (SFR and 2 4 units) not managed by an HOA.
No tear downs; habitable properties in good repair only.
No Doc Home Loan Seasoning requirements (Call about No Documentation Loan Rates):
- This unique program has no seasoning requirement if subject is free and clear. For no doc home loan cash out transaction, if borrower has owned the property for less than one year at time of loan closing, LTV will be based on the lesser of borrower’s acquisition cost or current appraised value. We will not lend on any cash out transactions against an increased value if property is owned less than one year for No Doc Loans program. Borrower’s minimum contribution must be met through confirmation of cash down payment through HUD 1 closing statement.
- For Rate and Term transactions (see seasoning requirement below), the LTV will be based on the appraised value.
- If property owned less than 6 months, no refinancing of existing liens.
- If Seller owned property less than 6 months at time of application, LTV will be based on the lesser of Seller’s purchase price or current appraisal value for the No Doc Loans program..
Cash out refinance not available for Texas properties.
No ground leases, loan brokers or property over 10 acres permitted.
NO DOC LOANS MAXIMUM LOAN AMOUNTS & LTV/CLTV
No Doc Loan Property Type
Non Owner Occupied
SFR, Condos, PUD
Town-homes (1-4 units)
No Doc Loans Max Loan Amount – Max LTV / CLTV
<=$400,000 – Purchase 65% – Refinance R/T and Cash out 50%
$400,001 <= $2,000,000 – Purchase 60% – Refinance R/T and Cash out 50%
Note: There are no 100% No Doc Loans. This is not a No Doc Personal Loans. We have no No Doc Loans in Michigan. Wells Fargo No Doc Loans are not available. Program many not be available in all states (case by case). Programs and guidelines subject to change without notice.
Find program guidelines for your your city or state:
You can help us understand more about your no doc loans needs by contacting us.