Bluestar Mortgage of Schaumburg, has many options for No Doc Mortgage Loans. Give us a call at 847-230-4030 to speak with a No Doc Mortgage loan expert who can assist you in determining if a No Doc Mortgage loan is the right option for you. You can also click on the schedule a free consultation button above.
A no-doc mortgage loan is a home loan that does not need the provision of typical income documentation from the borrower, such as tax returns, W-2 forms, or pay stubs. Instead, bank statements are being considered by lenders as proof of your income in repaying your mortgage. However, there is a downside to this kind of loan, i.e., it comes with a higher interest rate.
Below are the kinds of loans that you might come across when searching for a low-doc or no-doc, or low-loans:
A declaration of your yearly income and assets are needed when applying for a mortgage in a SISA loan since the numbers you provide will already be adequate to the lender.
Best for: Borrowers considering purchasing property investment.
Like SISA, the borrowers need to declare their revenue when applying for a mortgage. The difference is that the lender validates the borrower’s assets, and typically, 6 to 24 months’ worth of bank account details is being asked by the lenders.
Best for: Someone who has a personal bank account making money from income or stipends, such as restaurant attendants and salespersons—likewise, those independent workers or contractors with a high net worth.
Comparable to SIVA loans, the borrowers do not divulge their revenues whatsoever when applying for a mortgage. It is the borrowers’ assets that the lender is validating.
Best for: Retirees whose proceeds come from their retirement or investment accounts.
In such a case, a pension statement account must be provided to validate their assets.
Among all the kinds of loans, the NINA loan has the least requirements. In the borrowers’ loan application, they do not declare their revenues or assets, instead will need to give their name, Social Security number, an initial amount for the payment amount, and the property location being funded. Approval depends on the property’s worth, accompanied by the borrower’s good credit score, down payment, and evidence of what means they will settle the monthly payments.
Best for: A borrower who cannot provide the documentation needed on a traditional loan. An example of this is a person who needs maximum privacy and is hired by a foreign company or a person utilizing an inheritance to procure property. In this scenario, an impeccable credit history is necessary to be eligible for this kind of loan.
If you are interested in a No Doc Mortgage loan, call us at: 847-230-4030 to speak with a No Doc Mortgage loan expert who can assist you in determining if a No Doc Mortgage loan is the right option for you.