The most simple choice, a true No Doc loan requires no employment, income, or assets to be stated on your loan application. We do not verify any information beyond your credit profile and the value of the property. We will allow as little as a 10% down payment on an owner occupied home or investment property depending on your credit profile. If you have had credit issues in the past you may need to make a slightly higher down payment but we can get the loan done. This is the product of choice if your asset or income is difficult to verify or if you simply do not want the "hassle" of traditional mortgage documentation. Your good credit, a decent property and you are done.
Another option would be to add your employment to the application. In this case, we will verify your employment, but again, no income or assets are on the application. If you are self employed, the business must be verified with a business license, written contracts, supplier invoices or similar documentation. If you are employed by a company, we will verify your employment but nothing else. This small bit of documentation will generally save you .125% on the interest rate.
Yet another option would be to have us verify your assets but not income or employment. Using this approach will require verifiable, relatively liquid assets of not less than 6 months of your PITI. Again, this bit of documentation will usually save you .125 on the rate. If your situation will allow you to verify both assets and employment, you are better served with the Stated or No Income Verification program. If there is an issue with your debt to income ratio, you may want to consider a No Ratio loan.
