|NO DOCUMENTATION/LOW DOCUMENTATION LOANS|
What Is A No Doc Or Low Doc Mortgage Loan
In Many cases it is very difficult to obtain a mortgage with little or no documentation. This is especially the case with those that are self employed. As a self employed person you may have enough money to put down where your income is not an issue.
A shrewd business owner will take every opportunity to reduce income by making sure all expenses are listed. This is wonderful for reducing taxes, but not so beneficial for obtaining credit. A business owner may have total income of $90,000 but only show income of $30,000 because that person has $60,000 worth of expenses.
A no documentation loan benefits these people as there is no documentation required. The result is that the buyer does not need to disclose employment information, asset information, or any other financial information. Generally this type of loan does require a larger amount of money as down payment.
Another reason one may want to do a low documentation or no documentation loan is simply for privacy. With a no documentation loan a person who is more private than most about his or her personal finances does not need to disclose assets.
We have several lenders that have no documentation and low documentation programs available. We look forward to serving you.