Cash No Doc Loans
One of the common questions that I have been hearing lately comes from people asking whether or not it is still possible to get no doc loans in the current economic situation. Well, the short answer to that is yes, you can still get one, but there is a longer answer that is not so simple. Hopefully this short article will answer some of your questions and get you on your way to applying for and receiving a loan. It is now late 2010 as I’m writing this so keep in mind that if you’re reading this much later then the situation may have changed, although it should still be fairly accurate.
While it is still technically possible to get no doc loans from some lenders if you look hard enough, the rules of the game have changed. Depending on which lender you’re looking at, what was once called a no doc loan is now actually a low doc loan, and what was once a low doc loan is now requiring just about as much documentation as any regular type of full doc loan. It is also still possible to save some more money by looking for lenders who will not charge you with a lenders mortgage insurance fee.
So, do you really need no doc mortgage loans or is there a better solution for your individual needs? That is the first thing you should be asking yourself, because if you don’t actually need this type of loan then you could be just wasting more of your money. In general, no documentation loans are used by the self-employed, because they are usually unable to conform to the strict requirements that most lenders have for regular loans such as tax returns and other financial statements. But no doc loans are not just for self-employed people. They are actually used by many others, such as people with irregular income like seasonal workers. Basically any type of worker, salaried or otherwise, that does not have a stable and linear source of income, would have a big issue conforming with the requirements as they have been shaped in today’s loan market. Obviously, the reason for that is that as the economic situation worsens, all lenders try to be cautious, and what seemed to be an ideal “catch” yesterday, today looks more like a scam!
As I mentioned in the beginning, this article is only meant to be a short overview of no doc loans that will hopefully get you started and fill you in on a few of the details. If you still think you need this type of loan after reading this, then your next step should be to keep searching online for a good deal that suits you, or simply visit your local bank or other lender and start asking more questions.
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