(Editor’s note [Oct. 2014]: Obviously, much has changed since the following article was written in 2006. These days, it is nearly impossible to obtain a no-income verification home equity loan or line of credit (HELOC); lenders will require that you document your income or at least your assets.
Great Northern Mortgage offers mortgage for self employed and super jumbo loans up to $3,000,000 and no income check and no doc verification loans where your income is not verified.
HTH), is looking for mortgage bankers and lenders that offer renovation products and programs. “plainscapital bank national warehouse Lending currently funds multiple renovation programs and products.
A: Right now, there are no lenders that offer a no doc home equity loan. If you are self employed and cannot document your income, your only option right now is to do a refinance to cash out the money that you need.
A "No Doc Equity Loan" or "No Doc HELOC Loan" is a unique and advantageous mortgage refinance product that allows people, who do not want to provide the traditional full stack of supporting documentation that goes along with the mortgage loan process, to their lender.
From 2000 to 2007, no-doc loans more than quadrupled from around 2% of home loans to approximately 9% of all outstanding loans, according to the report. While it may seem strange that banks would hand out loans to people who couldn’t afford them, lenders were incentivized to keep making these loans for a few reasons.
The better your credit score, the less documentation the lender needs. Low-doc/no-doc loan programs are used for purchase loans, fixed rate home equity loans and home equity credit lines (helocs), but no stated income for mortgages above 100%. Typically, there is more equity required on no doc loans.
All About No and Low Documentation Mortgages. No- and low-documentation (no and low doc for short) mortgage loans are a good way for people to keep their privacy guarded or to get a mortgage when it’s logistically too difficult to document their income.
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