No Doc Home Loan - Who are They Good For?
No Doc Home Loans are home loans that don't require
you to verify your job, prove your income, and in
some cases have your credit checked. These home
loans are made for a specific type of person and
situation. They are not for everybody and here are a
few situations that you can get a no doc home loan
with.
No Doc Home Loan - Situation #1
If you are a self employed individual and you have
trouble proving your true income, then a no doc home
loan can be beneficial for you. This is a typical
and popular situation for a no doc home loan. You
will be able to get what you are after if you are
self employed and have trouble proving what you
actually make.
No Doc Home Loan - Situation #2
Tipped employees that don't claim all their tips are
another group of people that the no doc home loan
fits very well. This is a group that makes much more
than they can prove and it is hard to get a good loan
because of it. The no doc home loan is perfect for
the tipped employee. This situation is a very
popular situation to use a no doc home loan for.
No Doc Home Loan - Situation #3
If you have worked at the same job for over 2 years,
but your debt to income ratio is too high for a
normal mortgage, then a no doc home loan is NOT for
you. Mortgage brokers might try to talk you into a
no doc home loan in order to get your business, but
if your debt to income ratio is too high for a
regular mortgage, then it is a huge mistake for you
to agree to a no doc home loan.
So now you know which situations are good for a no
doc home loan and a little about when you should
avoid one. Make sure to shop your no doc home loan
quote to make sure you are getting the best quote for
you.
| 