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He also constructed a historical chart of single family homes based on available data and compared. 10% were underwritten with no verification of borrower income and/or assets, known as “no-doc”.
The no doc mortgage lenders would be the first to tell you that these loans were in some cases elevated risk, and many borrowers got these no doc home loans and had trouble paying on them. Today, loans with no income documentation are still available in a limited fashion.
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Low doc home loans are for borrowers who are self employed or unable to prove their income through traditional means. This is the only way that you can borrow without recent tax returns or financial statements.
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Are No-Doc Mortgage Loans Still Available? Question: "Are there any lenders making no-doc mortgage loans these days, or is that a thing of the past? I’m just wondering what I will face when I apply for a home loan later this year. Thanks." Most lenders are requiring more documentation these days, as opposed to less.
A No-Doc or Low-doc loan (abbr: No/Low Documentation Loan) refers to loans that do not require borrowers to provide documentation of their income to lenders or do not require much documentation. It is a financial product commonly offered by a mortgage lender to consumers who cannot qualify for normal loan products because of fluctuating or hard-to-verify incomes, such as the self-employed, or.
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Because underwriting standards were eased during the housing boom there were a lot of risky products available. repay the loan. Today’s ARM is very different from those written pre-crash. In 2007.
Before the housing collapse of 2008, NINJA loans were a popular alternative to the traditional mortgage. The NINJA mortgage – No Income,
No Doc loans, stated income loans, stated income mortgages, no income documentation loans mortgages for people who cannot document their income.