Hello,
Has anyone ever heard of a No doc. loan? If so, do you know how they work?
Thank you
You asked this before and got the answer…
Keith
Yes a No Doc loan …Is a No income docmentation loan. Usually the borrower has to have a credit score of around 680 to qualify for one. But usually is a very easy loan the bank usually just has the borrower sign on the dotted line and verify the borrowrer has employment for the past 2 years but does not have to verify how much they make.
A true NO doc loan is exactly that. No verifications of any type. They DO NOT verify that you are employed.
The other loans, stated income, no ratio, no income do verify you are employed although I know lenders that don’t verify employment with a No inome loan.