Marty Searing
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No Doc Mortgage

A No Doc Mortgage requires no employment, income, or assets to be stated on your loan application.

The lender is using your past credit history to determine the probability that you will repay the loan. No Doc mortgages are available to borrowers with excellent credit history.

Despite the fact that you have excellent credit the lender will typically charge you a slightly higher interest rate than if you were providing full documentation of your income and assets.

This loan puts more of the risk of the loan on the lender and so they usually require a lower Loan-to-Value. For example, if you were able to prove job history and income they might let you borrower money up to 90% of the value of your property with your situation, but with a No Doc loan, you might be limited to borrowing up to 75% of the value.

Because there are less documents to be scrutinized with "No Doc" mortgage, the loan process often takes much less time. Some experienced property investors are willing to pay higher interest rates with "No Doc" loans for their simple underwriting requirements and speedy process.

The rate adjustments for "No Doc" loans are substantially higher than standard mortgage loans. If a borrower can fulfill any guidelines within the employment, income or asset criteria, the less risk a bank will carry. Less risk translates to lower rates for borrowers.

A stated income loan and a no ratio loan are different that obtaining a no doc mortgage. A stated income loan is where you list your employment and that is verified and you state the amount of income that you make and you do not need to document it. A no ratio loan is where you list your employment and it is verified but you do not list or verify any income at all on the loan application and no debt to income ratio is calculated. With a no doc loan you simply do not list anything about employment or income and neither is verified either. A stated income loan is a loan that just eliminates the need to document the amount of a borrower's income. An experienced mortgage broker can help you find which program is the right one for you and insure the best rate for you.

A NO-DOC loan also known as NINA "No Income No Asset" loan is good to use when you cannot verify the existence of a job or assets. Retired people commonly use this loan as much information is not verified through the loan process. However, the NO-DOC loan does come at a higher interest rate.

It may be a good idea to explore all options available, as the No-Doc loan generally has the lowest LTV/CLTV allowed, and the highest interest rate when compared to other document types.


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