No Doc Loans

Optional No Documentation Loans

Last Updated September 22, 2022

No doc loans offer greater privacy and ease for borrowers who may have difficulties documenting their income. No doc loans don’t require borrowers to provide income or asset documentation to be eligible for a mortgage.

Individuals who are self-employed and cannot prove their tax returns are not eligible for doc loans. These loans can be used to purchase a primary residence or as investment properties.

Many ask, “What are my 2022 no-document loan options?”

We will find the best mortgage program for your needs in every state. We can assess your mortgage situation without pulling your credit and let you know your options.

No Documentation Loan Requirements

These are the minimum no-doc requirements. They may change based on your credit score and loan situation.

  • Minimum 10% – Maximum 25%
  • Only provide your bank statements
  • You can use the property as your primary residence, second home, or investment property.
  • We are able to work with credit scores that are lower
  • No need to file tax returns
  • No documents for investment properties.

Call +1 (571) 544-6600 to request a loan with no documentation.

No Doc Loan Benefits

They will be available in 2022.

Your interest rate will be lower if you provide more documentation to your lender. Many home buyers are unable to provide documentation for tax or personal reasons, and they are grateful that no doc loans are available. These home buyers often have a good income, credit history, and savings.

No Doc Loans or Low Document Loans offer greater privacy and ease when applying for a mortgage.

A no-doc loan was once available to anyone. However, this loan is now only for self-employed borrowers. Investors who are not self-employed may also be eligible for no-doc loans.

Borrowers who choose a No Doc Loan don’t want their income documentation or financial history to go to the lender.

They might use inheritance to obtain a loan or have fluctuating income due to owning a business. If they have to borrow money from a lender for self-employment, they may not be eligible if their income is on tax returns.

Because a no-doc loan requires minimal documentation and information, ease is important. A true no-doc loan will require the borrower to provide their social security number, current address, and documentation regarding the property they are planning on purchasing.

Types of Low Doc Loans and No Doc Loans

There are several types of no-doc loans that may be available, depending on your particular situation. These loans may be available to you, and the terms for each will vary.

Statement Loans

Loans for self-employed people only. No Doc Lenders require you to submit 12-24 month bank statements. Qualification purposes will apply only to bank statement deposits.

They will take a portion of your deposits, and these dollars will be income when you apply for a loan.

All your legitimate tax deductions for your business won’t be applied against you when applying for a conventional loan. Bank statement loans are the best choice for you now.

This program requires a minimum 10% down payment. Your credit score will determine the amount.

Low Doc Loans for Stated Income

Low Doc Loans are a great option for people who earn a steady income or work on a commission or cash basis. The borrower won’t need to reveal earnings and may not be required to provide bank statements or tax returns.

The borrower can simply declare their income on their loan application. However, they don’t have to show any proof. It does not include W2s, tax returns, pay stubs or tax returns. Sometimes, salaried borrowers might be eligible for a loan with stated income.

A stated income loan requires a 10% down payment.

No Ratio Loans

The No Ratio mortgage loan is for borrowers who are not salaried but have a W2 income. The lender will not need to assess this loan’s debt-to-income ratio.

Borrowers who have difficulty proving income can get a loan quickly and easily.

A typical borrower with No Ratio has excellent credit and many assets, which makes it possible for the lender to not require income information.

This mortgage has a slightly higher interest rate and a 20% minimum down payment.

Update No Ratio Loans Available, but Down Payment Requirements have Recently Changed.

No Income, No Asset Loans (NINA).

NINA loans, also known as no income, no assets loans, are available to self-employed people who cannot or will not disclose their income and assets. NINA loans can also help borrowers whose assets and income need more to qualify for a loan. The borrower must have excellent credit in this instance.

NINA loans are quick and simple because you do not need to provide documentation of your income or assets. NINA loans are not available for primary residences. However, lenders will likely offer these loans to investors.

NINA loans require a 20% down payment for primary residences and investment properties.

No Doc Refinance

Lenders offer no-doc refinances to borrowers who cannot document their income and assets. Rates will be comparable to those you would receive if you bought a home. A no-doc cash-out refinance only allowed up to the maximum loan-to-value ratio of the lender, which currently stands at 75%.

Contact us to find out if a no-doc loan is right for you.

CNBC recently reported that some banks only require a few mortgage documents. They call it a Light Doc loan, meaning the bank doesn’t have to adhere to the Dodd-Frank ATR (or ability to repay) rule.

We can help you with bad credit.

No-Document Investment Loan

There are no doc loans available today to finance investment properties. No income documentation or job requirements are required. Lenders only look at your credit score, down payment, cash flow, and whether you will purchase the property.

A no-doc investment loan is possible with as little as 20% down in most cases. The interest-only option may be available with 30-year financing. To learn more, please visit our article about investment loans. Contact us if you’re ready to be pre-approved for an investment loan with no documentation.

No Document Loans – No Doc Loans (FAQ). Frequently Asked Questions

Q. Are there any doc loans available?

A: Finding a true, no-doc loan for primary residences takes a lot of work. A bank statement loan is the best option for self-employed individuals. You can purchase a house with 12-24 months’ bank statements.

Q. Can someone get a loan with no documentation?

A: Anybody can apply for a no-doc loan, but credit scores and down payments will be more stringent. These loan programs are mostly available to self-employed people.

Q. Can I refinance my no-doc loan with income proof?

A: To get a loan from a bank, you will need to submit 12-24 months’ worth of bank statements. You can also apply for an investment loan without documentation or income proof.

Q. All lenders offer no doc loans

A: While most lenders don’t offer no-doc loans, we can help you find the best option.

Q. What happens if I can’t provide tax returns to prove income?

A: If you can provide bank statements to prove income, you don’t need to submit tax returns. At the same time, you may still submit tax returns, forms, and qualifications.

Q. Can I refinance my loan with a cash-out without submitting documents?

A: Refinance loans with no-doc cash-out are available. Most lenders offer these programs with a maximum loan-to-value ratio of up to 75%.

Q. Which lenders do not offer document loans?

While most lenders don’t offer no-doc loans, some portfolio lenders offer these programs. Since 1995, we have been able to offer no-doc loans.

Q: First time home buyers get a no doc loan?

A: If you meet the minimum requirements, you may be eligible for a loan with no documentation.

Q. What is a bank statement loan?

A: This loan is for self-employed people who use their average monthly bank deposits to get a mortgage. They cannot use the net income they receive from tax returns.

Q. Can I get a home equity loan with no paperwork?

A: No lender currently offers a home equity loan or HELOC without docs. You can only refinance if you are not self-employed and you cannot prove your income.

Q: What’s a non-QM loan?

A stands for Non-Qualified Mortgage Loan. Qualified mortgages are those that meet the requirements of the federal government. Many people are not eligible for these loans because of their unique circumstances. Non-QM loans, such as bank statements or stated income loans, are also available.

Q. Are there no doc loans or document loans with no down payment?

A: No-doc loans require a minimum 10% down payment. You must prove your income and tax returns to be eligible for a no-money-down mortgage.

Q. What is the “ability-to-repay rule?”

  1. This rule requires lenders to do everything they can to ensure that borrowers can repay the loans they have applied. It is even more critical when borrowers apply for a loan with reduced documentation. Also known as the ATR/QM Rule.

Q. What are the debt-to-income ratios for a no-doc loan?

  1. Lenders typically use ratios of around 43% to make these loans. We work with high DTI lenders that will allow DTI ratios up to 55%. The DTI will not factor in loans with no ratio.

Q. Are mortgages available for people who have no job?

A: There is a program for people with no job to purchase investment properties. With good credit, the minimum down payment is 20%.

Q. Where can I find a self-employed lender?

A: Only a few lenders specialize in lending to self-employed borrowers. We can help connect you.

Q. Can I get a mortgage without tax returns?

A: Some mortgages do not require tax returns, but only certain lenders can offer them. To learn more, please visit our article no-tax returns mortgages.

For general inquiries:

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* Phone: +1 (571) 544-6600

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