what is a no doc loan

What is a low doc home loan? | Your Mortgage Australia – Low-doc home loans, also known as lite-doc or alt-doc loans, are lending solutions for self-employed borrowers. These can be useful for contractors, freelancers and other people who have no regular jobs and cannot prove their income through traditional means such as providing payslips.

What is a No Doc or Low Doc Home Loan? – ezinearticles.com – However unlike the No Doc Loans, the Low Doc Loan does require the lender to disclose earnings, usually for two years, and might need to show tax returns and bank statements. If you think a No Doc or Low Doc loan is right for your situation, talk to a mortgage expert.

New Standards for Safe’ Loans – Required under the Dodd-Frank Act, the rule prohibits the “no-doc” loans common during the bubble. Before making a loan, lenders must document the borrower’s job status, income and assets, debt, and.

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What were no doc home loans? | finder.com.au – No doc home loans are no longer offered in Australia following the global financial crisis. However, there are still options for borrowers who can’t certify their income using PAYG pay slips. Instead, many lenders offer low doc home loans, which require you to provide a limited form of income evidence.

No-doc loan walkthrough – Qualifying for a no-doc loan is a much more complicated process than it used to be. These loans are primarily used by business owners and the self employed in order to purchase real estate. The process of qualifying for these loans can be complicated, but for many people these loans are the only way.

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A young Norristown woman got cancer, while her student loans piled up | Debt Valley – For Julie’s medical bills, they also paid a total of $20,000 out of pocket. One loan "of $7,125 was accruing at 6.8 percent – and there was no stopping it. So, 80 percent of what we repaid on Julie’s.

Low Doc No Doc Mortgages: (A mortgage article from. – No doc loan – A no doc loan is one where a borrower is applying for a mortgage on the strength of their down payment and their credit. No income, employment, asset, or debt information is provided. The lender simply pulls a credit report and has the house being purchased appraised.

What Is Needed for a No Doc Loan? | Home Guides | SF Gate – No Documents. For a traditional mortgage loan, borrowers must prove their gross monthly income by sending their lenders copies of their last two paycheck stubs In a no-doc loan, though, borrowers, in the simplest of cases, do not have to send their lenders any documents to verify their incomes.