No Documentation Home Loan - What You Must Know! by Gressly Stevens

Are you considering getting a new home or refinancing your current mortage? Did you know that there is a program called the no documentation home loan that can really help you if you fit the criteria? There are many situations that you would use this type of a loan for and you should know some of them to help you out. Here is what you must know.

First, if you are a normal working person that gets paid the same or very close to the same each paycheck, then this loan is not for you. This would be a mistake if you are paid regularly and can prove each and every dime you make. This type of loan may stil be presented to you, but that is only going to happen if you are in a situation that does not qualify you for a normal mortgage. Just know that if you are in this situation a no documentation home loan is a bad idea.

Second, a no documentation home loan, however, is good for those that are self employed. In fact, it was created specifically for this reason and it is used in many cases for the self employed person. It will allow you to not prove your employment or your full income and you can qualify for your mortgage without much of an issue.

Last, a no doc loan is also good for those that work as independent contractors or as tipped employees. These type of workers often do not claim all their earnings, which makes it very difficult for them to meet the income requirements of a conventional mortgage. This means that they probably will not qualify, but with this type of no documentation loan they can qualify for the mortgage or refinance they want without much of an issue.

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