I am self employed, and as such I try and write off as much as I can leaving me with very little income on paper. I'd like to hear any info you may have come across regarding a No Doc loan. Thanks!
Do you have a legitimate business with an address and phone number? Do you receive W-2's? You can get a loan if you have good credit... if your scores are above 700, you should be able to get a no-doc without any income verification at all.
Yes it's a fully legitimate business. We have all licenses, file 1065's etc. It's a general partnership, in business 3 years. Unfortunately my scores are in the 625-655 range with an open collection and 2 derogs. My wifes are in the 680-725 range with one collection and one derog.
Note: I thought a "No Doc Mortgage" had something to do with my approval status before I repaired my credit a couple years ago. Doc P.S. Sorry.
Re: Re: No Doc Mortage Someone will write you a loan, but it will cost you. Look at this broker in Florida. Plenty of lenders will make similar loans. http://www.powermortgage.com/no-inc.htm
Re: Re: No Doc Mortage You should be able to get a no-doc loan, you just will not get prime rates at anything below 700. That means for mortgages you need two of your scores over 700, because they use the middle of the three. I ran into that problem myself, and opted for a streamline re-finance on my FHA loan. I wanted to go conventional but since I am also self-employed and did not qualify for prime no-doc rates because two of my scores are just below 700 I went with the streamline. I can always re-fi again as soon as my EXP and TU scores decide to come in line with my EQ.
