What Are No Doc Loans?

If you are searching for no doc loans, then you know that they can offer you more privacy when trying to purchase a home, or get loans for the unemployed. The trade-off of such privacy is often having a higher interest rate. Depending on what your employment situation may be, or what types of income you have, a no doc loan may be perfect for your situation.  Think of these as the complete opposite of stop foreclosure loans – where someone is really in such trouble that they’re about to lose their home.  Usually you’re in a really great position financially when going for the no doc type of loan.

Often times people who have more savings, a great credit history, or a very large income, opt to get no doc home loans in order to ease the process and to keep a lot of their assets, etc, private. Once again though, this will come at the expense of having a higher interest rate, but most people who go for a no doc home loan know this going into it. If you are considering such a loan, then make sure you know that you will be getting the loan or mortgage at a higher interest rate than normal.

In today’s economic times, not many mortgage companies are offering no doc mortgage loans. The few that are offering them require high qualification standards before you can be eligible for such a loan or these types of mortgages. Places that would have previously offered a no doc mortgage loan, no longer will (ie: Quicken Loans).

When trying to get no doc mortgage loans, you don’t have to provide much other than your name and social security number. Then, just let them know the house’s information and the lender will take case of the rest. Be sure you have enough money to be able to put down a substantial amount for a down payment.

There are other types of no doc loans besides mortgages, and those are no doc personal loans, no doc business loans and no doc home equity loans. Often times a no doc home equity loan is easier because your loan is based on an asset that you already have, and that being your home and how much you have already paid into it (and how much the worth has risen due to the economy or home improvements).  Don’t expect to get a high risk personal loan, private personal loans or a 125 home equity loan without showing any type of documentation.  Those types of loans are the type that are no doc loans.

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