I'm not sure what the problem is with the thread but i think your wondering what a no documentation load is or Stated Income.

Usually they are used to cut BS and your loan is based on credit score and a re generally fast and easy to complete.

Rule of thumb though don't lie about your income or assets because they are reported to the IRS.

A "no document" loan is charged a higher rate of interest for the benefit of being able to state your income instead of having to come up with the documents. It can be a benefit for certain borrowers, for instance self employed/commission based applicants that don't have regular pay history. It can be a benefit for a spouse with a good credit score with a mate that doesn't have such a good credit score but is the real wage earner.

MTI covered it pretty well. If you have a 700 credit score you can usually get a conforming rate it the ratio is decent.


I use them almost exclusivly because I get little incomes from so many places its a nightmare to verify it all.

Remember that stuff is reported to the IRS you even sign a form authorizing the disclosure.

I know of 2 people that were nailed because of it.

I believe it is called a No Income verification Loan.
The mortgage company doesn't check your credit history or income records. But I am wondering how much they require for a down payment. Do they expect say 30% as a down payment where say if you were looking for a normal loan they only want 10% down if you have a great credit score? Also how many more points do they charge for such a loan? Any info will be helpful.
Sorry about any cunfusion on my first post on this subject.
Thanks,

joe moon
85-380SL
94-E320 sedan
95-E320Cabriolet

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joe moon/95Benzman

No doc's come in all shapes and sizes all the way to 120% of value at conforming rates it all depends on how much your worth to back the debt.

Call a mortgage broker NOT A BANK and ask them, make sure its a large established firm and not some new fly by nighter.

If you don't know your credit score pull it from experian or equifax and tell let the broker know what it is.


Don't let them pull a credit report until your ready to apply.

If you’re really serious and still confused PM me and I will be happy to help you find someone competent.

http://www.brokeruniverse.com/

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1995 E320 smoke silver / parchment