No Doc Mortgage
in California
- Alt doc loan program
- Stated income home loans (No-income verification)
- Good for self-employed
- Foreign national loan program
- Non-US citizens are OK
- Office located in Los Angeles
What type of property are you refinancing?
Single Family
Multifamily
Condominium
Townhouse
How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
What type of property are you purchasing?
Single Family
Multifamily
Condominium
Townhouse
Are you a first-time home buyer?
Yes
No
How will this property be used?
Primary Residence
Vacation Home
Investment Property
Estimate credit score
Excellent 770+
Good 660-719
Avg. 620-659
Below avg. 580-619
Poor <579
Final Step
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Summary
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Get Pre-Qualified for a No Doc Home Loan
If you are self-employed and have enough income, then purchasing a house with an alt doc mortgage loan is a solution for you. If you need help with no doc mortgage refinancing in Los Angeles and California, we will gladly assist you.
Every year the number of self-employed individuals is increasing. People don’t want constant control over how and why they work. They prefer doing business on their own terms.
Getting a mortgage for self-employed is easy. Thankfully, there are no doc loan programs that will give you a chance to purchase or refinance your house with minimum documents required.
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What is a No Documentation Loan?
The term “No Doc” is usually defined as no income, no asset, and no employment verification. It doesn’t mean the borrower doesn’t have a job, but rather that a lender will not ask questions about their employment.
Depending on the lender you might need to show some evidence of the income, like your bank statement, which, in case you are self-employed, better reflects your cash flow than a tax return. No doc loans are riskier for lenders that is why you may have a higher interest rate and down payment with this type of mortgage loan.
No Doc Mortgage Loans Have Obvious Benefits
What Are Stated Income Loans?
A stated income loan is a mortgage where the lender does not verify the borrower’s income by looking at their pay stubs, W-2 forms, income tax returns, or other records. Instead, borrowers could show bank statements. Stated income loan is good for those who don’t want to provide W2 or other IRS records.
How Do Stated Income Loans Work?
Self-employed may find it challenging to qualify for traditional mortgages due to their variable income and stricter documentation requirements from lenders. Stated income loans help borrowers where fully documented loans normally would not consider the source of income as being reliable and stable. If you don’t have to pay stubs due to self-employment and other situations, a stated income loan will not require them.
Naturally, stated income loans are riskier for lenders, so you need a down payment of at least 10% or 25%, in some cases – up to 35-40%. It will make a good impression on the lender and will proof that you have finances to pay the loan. If you have a bad credit history, you should give us a call so we can find the best option for your future loan.
Have Questions? Reach us out:
Hours: Monday-Friday 10:00 AM - 5:00 PM
In-Person at LA Office
13317 Ventura Blvd #H, Sherman Oaks, CA 91423
Cell-phone
M-F 10 AM-5 PM (PST)
On-line
E-mail: contact@idmortgagebroker.com
Skype: click to join
Stated Income Loan Requirements
- Two-year timeframe bank statements to verify the income.
- Debt-to-income-ratio. This ratio determines the maximum loan amount. Some lenders may go as high as 55% (traditional mortgages are usually between 36% to 45%), though the actual ratio is lender specific.
- Down payment. These loans tend to require larger down payments than traditional mortgages. A borrower with excellent credit may still be required to put 10% down, but some lenders may need more.
- Credit score. Expect a higher credit score requirement with bank statement loans (680+). While you may qualify with a lower score, you’ll be charged a higher interest rate.
What Do You Need to Qualify for a Stated Income Loan in California?
Getting a mortgage loan with very little documentation is a real option nowadays and it has its own great benefits. There are several options if you want to apply for a no income verification mortgage loan. Lenders will require the next documentation:
Limited Doc for W2 & Self-Employed Borrowers
Qualify with Employment Letter OR P&L.
Asset Based Loan Programs
12 to 24 Months Bank Statements
Most lenders require this type of loan lender to need 12 or 24-month bank statements to verify the income. Qualify with 100% deposits for personal statements or 50% for business accounts.
No Income Doc Program for Investment Properties
Qualify with Rental Income.
No-Doc Mortgages in California – LA Mortgage Broker FAQ
What is a no-doc mortgage, and how does it work?
A no-doc or no-documentation mortgage is a loan that doesn’t require traditional income verification via pay stubs, W-2s, or tax returns. Instead, the lender utilizes other financial criteria, such as credit score, assets, and employment history, to determine whether a borrower will repay the mortgage or not.
Who typically qualifies for a no-doc mortgage in California?
No-doc mortgages cater to the self-employed, real estate investors, and freelancers who cannot provide conventional income documents but have strong credit scores, substantial assets, and stable business income.
What are the requirements for a no-doc mortgage?
Among common requirements are a good credit score of usually above 680, high assets or cash reserves, a large down payment of up to 20-30%, and other financial statements that prove one’s ability to repay the loan.
What are the benefits of a no-doc mortgage?
No-documentation mortgages feature streamlined approval for borrowers who cannot provide traditional income documentation, faster processing, and flexible underwriting criteria that consider more financial aspects than tax returns and pay stubs.
What are the challenges of getting a no-doc mortgage?
The challenges are higher interest rates than for conventional mortgages, bigger down payments asked for, and fewer lenders offering the loan due to its perceived higher risk.
Can a no-doc mortgage be used to buy a primary residence in California?
Yes, no-doc mortgages can be used for primary residences; however, investors use them more often for rental properties, second homes, and those with erratic incomes.
What types of properties are eligible for no-doc mortgages in California?
No-doc mortgages can finance a variety of properties, such as single-family homes, multi-unit properties, condos, and townhouses. This makes them very appealing for varied real estate investments.
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