No Doc Mortgages

No Doc Mortgages

No Documentation Mortgage also know as No Doc Mortgage programs were very easy to find 10 years ago before the mortgage melt down in 2007. Many people were using them because they couldn’t show the evidence of the income to support the debt. This is loan finance 101, which basically requires a loan to be issued with the ability to pay back on certain terms the borrower and lender agree on, which is stipulated in the mortgage note. Congress pass new legislation which made it more challenging for lenders to offer this type of mortgage loan to consumers. However, No Doc Mortgages still exist today with a hand full of lenders. Yes, if you have a decent credit score and have a legitimate business, you too can qualify for a No Doc Mortgage today. You can be self-employed as a Sole Proprietor, Limited Liability Corporation, S-Corporatation, C- Corporation or a Partnership entity. Keep in mind it has to make common sense. Why would an employed person who can provide W2’s and Tax Returns need a No Doc Mortgage? The only reason is they can’t qualify based on income, so the No Doc Mortgage programs don’t exist anymore for the great majority of Americans who have a job and work for someone else.

A true No Doc Mortgage only requires a good credit score. No IRS tax returns, No W2’s, No Form 4506, No Bank Statements. Just a legitimate business and a property which meets underwriting conditions. However, there are other No Doc Mortgages, which required a little more information like bank statements, but No Tax Returns and No W2’s. You will find all types of acronyms for these various No Doc Mortgage programs such as the following:

NINA – No Income No Asset Verification

SISA – Stated Income Stated Asset

No Doc Loans

No Tax Returns Required | No W2’s Required for No Doc Mortgages.

No Doc Mortgage Loans Florida

No Doc Mortgage Loans Florida are very popular in the sunshine state due to many investors and entrepreneurs.  We are the premiere source for No Doc Mortgage Florida programs and around the country.  Although we are head quartered in Florida, we can offer No Doc Mortgages in multiple states.


What Is A No Doc Or Low Doc Home Loan?

No Doc Mortgages

No Doc Mortgage Loans” or sometimes call “Low Doc Home loans” are mortgage or home loans where documentation for verification of your income is not required. However, all other documentation is usually necessary to offset not verifying income.

No Income Verification

Investment Property Loans

LTV Up To 75% | ZERO Months Reserves | FICO As Low As 620 Loan Program:  No Doc 1001AD

Types of Property Acceptable for NO DOC MORTGAGE:

  • No Reserve Condos
  • New Construction
  • Short-Term Rentals
  • No-Cash Flow Properties Eligible (DSCR <1.00)
  • No Primary Residence – EXCEPTIONS Available

No Condo Questionnaire OR Reserves Required & Non Permanent Residents Eligible.

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No Doc Mortgage

Investment Property Loans & Fix and Flip Loans

LTV Up to 75% | Single Family | 2 – 4 Units | Condo’s & Town homes Loan Program:  No Doc 1012CV

No Doc Mortgage Terms:

  • No 4506, W2’s or Paystubs Required
  • No Income Verification or Employment Verification
  • No Limit Number of Properties Owned
  • Qualify on Subject Property Rental Income/Lease
  • Non Warrantable Condos Allowed
  • Foreigns National Eligible
  • 30 Year Fixed Rate/360 Month Amortization
  • Minimum FICO 650
  • Purchase | Rate & Term | Cash Out
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Investment Property No Doc Mortgage

No Income Doc

LTV Up to 75% – Minimum Credit Score 640 | LTV Up to 70% – Minimum Score 620 1002AD

  • NINA (No Income Verified Assets)
  • No Reserves
  • 1 X 30 Primary
  • 1 X 60 Other Credit
  • New Construction & Limited Review Available
  • Loan Amount Up to $5 Million
  • Must Own Primary Property
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Foreign National No Doc Mortgage

No Income Doc

LTV Up to 75% – Purchase | Rate & Term | 1003AD
LTV Up to 65% – Refinance Cash Out

  • Cash to Close Sourcing ONLY
  • New Construction
  • Loan Amount Up to $5 Million
  • Must Own Primary Property
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Self  Employed Program

No Doc Mortgage

No Tax Returns Required | 1004 AD

  • Up to 90% LTV – NO MI – Owner Occupied
  • Up to 80% LTV – Investment Property
  • P & L Only – No Bank Statements
  • 12 Month Income History
  • 24 Month Income History
  • 100% Business Related Deposits – Bank Statements Considered
  • Partnership Income Acceptable
  • In An Investment Property It Can Be Vested Under LLC or Personal
  • First Time Home Buyers Welcome
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Lite Doc Program

No Doc Mortgage

No Income No Assets | 1005 AD

  • Investment Properties Only
  • Low Doc Mortgage
  • 7 Day Closings
  • ITIN Stated up to 70% LTV
  • Up to $20 Million
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Commercial Loans

No Doc Mortgage

No Income No Assets | 1006 AD

  • All types of properties including:  Multi-Family, Retail Spaces, Shopping Plazas, Warehouses, and Condo Hotels
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These loans are ideally suited to self-employed, independent contractors, investors, credit rating impaired, ex-bankrupt or clients with arrears on current mortgages and borrowers who have been rejected by traditional lenders. Including people with suitable incomes but to meet bank verification or underwriting guidelines.  We specialize in No Doc Mortgage Loans Florida and are considered experts at helping investors qualify for creative mortgage loans.

Low Doc Home Loans (Low Document) are usually slightly more expensive than traditional loans due to the higher risk profile.

This is primarily for people who are looking to purchase investment properties, residential or refinance existing housing property and don’t have pay stubs or W2’s or current taxation returns confirming their income, which normally sustains a standard investment loan.

There are 3 main types of Low Doc or No Doc Mortgage Loans.

No Ratio Loans
These loans are for lenders who may not wish to disclose their incomes, Thus there is no debt to income ratios for the lender to consider. Good credit and abundant assets the No Ratio borrower has makes up for the lender not considering the borrowers income information. If gathering income documentation’s is going to be a logistical nightmare, then this loan can offer a quick and easy process.

No Doc Loans
To get credit the No Doc loans requires the least amount of documentation. The lender evaluates your loan request with the minimal amount of financial information from the lender and maximum privacy is assured.

Stated-Income (Low Doc) Loans
If your income fluctuates week to week, month to month, the Stated Income Mortgage, or Low Doc Mortgage loans are the most attractive. However unlike the No Doc Loans, the Low Doc Loan does require the lender to disclose earnings, usually for two years, and might need to show tax returns and bank statements.

If you think a No Doc or Low Doc loan is right for your situation, contact us to talk to one of our mortgage experts. It might be beneficial for you to pay a higher rate for this loan. A good mortgage banker can also show you how to obtain the necessary documentation.

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No Doc Mortgage Programs Approval Guidelines & Terms LTV Max
No Income Verification 1001AD Investment property loans, No Reserve Condos, New Construction, Short-Term  Rentals, No Cash Flow Properties Eligible (DSCR) FICO as low as 620.    75%
No Doc Mortgage 1012CV Fix & Flip Loans & Investment Property Loans, No 4506, W2’s or Paystubs, No Income Verification or Verification of Employment, No Limit # of Properties Owned, Non Warrantable Condos Ok, Foreign Nations Ok, Purchase, Rate & Term or Cash Out, FICO 650.    75%
No Income No Asset NINA 1002AD No Income No Assets Verified, No reserves required, 1 X 30 lates okay on primary residence, 1 X 60 days late on all other credit, New Construction Loans and Limited Review Available, Loan Amounts up to $5 Million and must already own a primary residence.   75%
No Income Doc Foreign National 1003AD This programs only needs a Cash to Close Sourcing Only, it can be used for New Construction, Loan Amounts up to $5 Million and must already own a primary residence.  75%
Self-Employed No Doc Mortgage 1004AD No Tax Returns Required, No MI Owner Occupied 90% LTV, Investment Property up to 80% LTV with a Profit & Loss Only – No Bank Statements, 12 Month Income History or 24 Month Income History with 100% Business Related Deposits, LLC or Personal, First Time Buyers Okay.  90%
No Doc Mortgage/Lite Doc Program 1005AD No Income No Assets (NINA) for investment properties only, 7 day closings, ITIN Stated up to 70 % LTV and loans up to $20 Million.  70%
No Doc Loans Commercial 1006AD No Income No Assets (NINA) for commercial properties all types including:  Multi-Family, Retail Spaces, Shopping Plazas, Warehouses, and Condo Hotels TBD

 

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No Doc Mortgage
With so many consumers looking for mortgage loans, they often overlook home equity loans or no doc mortgage programs that can help them access capital with the equity and acquisition with the no doc mortgages which are available in the market.