25% Down Payment
Greater Than 40% Down Payment
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