No Document Loans

Get Pre-Qualified for a No Doc Home Loan

If you are self-employed and have enough income, then purchasing a house with an alt doc mortgage loan is a solution for you. If you need help with no doc mortgage refinancing in Los Angeles and California, we will gladly assist you.

Every year the number of self-employed individuals is increasing. People do not want constant control over how and why they work. They prefer doing business on their own terms.

Getting a mortgage for self-employed is easy. Thankfully, there are no doc loan programs that will give you a chance to purchase or refinance your house with minimum documents required.

What is a No Documentation Loan?

The term "No Doc" is usually defined as no income, no asset, and no employment verification. It doesnot mean the borrower does not have a job, but rather that a lender will not ask questions about their employment.

Depending on the lender you might need to show some evidence of the income, like your bank statement, which, in case you are self-employed, better reflects your cash flow than a tax return. No doc loans are riskier for lenders that is why you may have a higher interest rate and down payment with this type of mortgage loan.

What Are Stated Income Loans?

A stated income loan is a mortgage where the lender does not verify the borrowers income by looking at their pay stubs, W-2 forms, income tax returns, or other records. Instead, borrowers could show bank statements. Stated income loan is good for those who do not want to provide W2 or other IRS records.

How Do Stated Income Loans Work?

Self-employed may find it challenging to qualify for traditional mortgages due to their variable income and stricter documentation requirements from lenders. Stated income loans help borrowers where fully documented loans normally would not consider the source of income as being reliable and stable. If you do not have to pay stubs due to self-employment and other situations, a stated income loan will not require them.

Naturally, stated income loans are riskier for lenders, so you need a down payment of at least 10% or 25%, in some cases - up to 35-40%. It will make a good impression on the lender and will proof that you have finances to pay the loan. If you have a bad credit history, you should give us a call so we can find the best option for your future loan.