The No Doc Loan Is The King Of Super Simple Home Loans

The No Document Home Loan No Longer Exists

A no doc home loan is as easy as filling out an application. That’s it. No other documentation required except an ID card.

No need to prove income, assets, or employment. The only thing that will be verified is rental history if you are buying or mortgage payment history if you are refinancing.

If you have credit score of 680 or above you can purchase a home with as little as 5% down with a no doc loan. The minimum credit score you can have for a purchase is 620. The lower your credit scores the more down payment you will be required to have and your interest rates will increase as well.

Do not expect the lowest interest rates when doing a no doc loan. Interest rates can be anywhere from ½% to 1% higher than a 30 year fixed interest rate. There are alternatives that can lower your interest rate such as the hybrid loan. The hybrid has a fixed period and then turns adjustable.

The no doc loan is perfect for those that can not or do not want to prove anything. You can do this loan even if you are self employed.