No Documentation & Limited Documentation Loans

There are many advantages to a "no-doc" loan. Most individuals that have a burdensome tax return - schedule C income, Subchapter S corportion, etc. - find the mortgage process brutal. (I once heard a doctor describe it as "fiscal rape".)

To help ease the pain, borrowers with at least a 25% down payment can elimenate most of the hassel. Not only can you forget about supplying tax returns and employment verifications, we will not even ask your income. With a 40% down payment, you can also avoid dealing with asset information. Again, we will not even ask how much money you have "in the bank".

The only disadvantage to a no-doc loan is a slightly higher interest rate. Unfortunately, the quasi-governmental agencies that back the majority of mortgages (FNMA and FLMAC) stopped backing no-doc loans in the late 1980's, therefore; the interest rates tend to run slighlty higher than conventional mortgage rates. If you don't mind the agony of documentation, and want rock-bottom interest rates, you should click here for a full documentation loan. If you prefer the ease and peace of mind that a no-doc offers, please continue on:

25% Down Payment
Greater Than 40% Down Payment

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