LOANS THAT THINK OUTSIDE THE BOX
No Doc No Income Loan
The No Doc No Income Loan is ideal for those who don't qualify with the traditional 50% DTI limits, but who have a decent amount of cash on hand. This loan streamlines the process requiring far less documentation and allows buyers with messy tax returns or no income, or income but too much debt, to get in to their dream home!
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No Doc No Income
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NO income calculations
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NO employment
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NO tax returns
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At least a 640 FICO
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At least 2 trade lines open for 12 months each, OR 1 trade line open for 24 months
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1 month's most recent bank statement ONLY needed
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Allowed 100% gift for down payment and closing costs, but reserves needs to be buyers own funds
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NO DTI restrictions
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21 day turn times
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Allows up to 6% seller concession
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No income verification
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Purchases and Cash Out Refis
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Primary Residence only
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Eligible Property Types
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Single Family Dwelling
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Warrantable and Non- Warrantable condominiums
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Planned Unit Developments
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Who Benefits From A No Doc No Income Loan?
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Self-employed or Freelance people who have income but cannot prove it with tax returns, due to writing too much off
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Messy tax returns
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Decent credit, but no income
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Large sums of money in bank account for 20-25% down payment plus 6-9 months reserves