No Doc Mortgage
- Alt doc loan program
- No income verification home loans
- Good for self-employed
- Foreign national loan program
- Non-US citizens are OK
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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 refinance in Los Angeles and California, we will gladly assist you.
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?
Initially, the loan was created to make it easier to qualify for a mortgage. Nowadays, more and more people want to keep their income personal and prefer not to disclose this information.
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
Naturally, no documentation loans are riskier for lenders, so you need a down payment of at least 10% or 25%, in some cases – up to 35-40%. This will make a good impression on the lender and will be a proof that you have finances to pay the loan.
It will also be good to have finances in a reserve fund for at least 6 months to reassure the lender that you have plenty of money. Even though some of these programs require less than Fico score.
We are suggesting to pay off your credit cards and keep your bill payments. So, even if you have a bad credit history, it is better for you to give us a call so we can find the best option for your future loan.