vision one Home Loans > No-Doc/Low Doc Loans

No-Doc/Low Doc Loans

No Doc / Low Doc Loans

Borrowing money from a bank is a lot more difficult if you’re self employed or manage your own business. This is because banks require substantial verification of continuous earnings as a part of their evaluation and approval process, which can cause problems if your income stream isn’t consistent or if your business operations have recently changed.
 
A no documentation (no-doc) mortgage does not require the borrower to provide proof of income. This type of loan is authorized by certifying that the applicant can manage the loan installments. No-doc mortgages are frequently granted to borrowers with salaries that are difficult to verify. 
 
Instead of providing proof of income, borrowers of a no-doc mortgage must sign a statement affirming that they can pay the money back as scheduled in their agreement with the lending institution. They’re commonly used by those without a stable source of income, such as the self employed, or those whose financial assets are derived from investments or inherited wealth. This type of loan is largely unregulated and depends on the collateral property’s resale value, the mortgage repayment plans, and the repayment schedule. 
 
A low documentation (low-doc) mortgage, on the other hand, allows an applicant to file for a mortgage with little to no information about their work, earnings, or assets. Although the rules governing these mortgages have changed dramatically since 2008, they remain a viable choice for certain individuals who have an unconventional financial status. When applying for a low-doc mortgage, you may only need to sign a statement confirming that you can make the necessary installments. These mortgages are frequently unregulated and usually come with a higher interest rate due to the risks involved in lending such a large amount.
 
No-doc and low-doc mortgages are great alternatives for borrowers who might have a harder time obtaining a conventional loan because of their irregular revenue sources. However, it’s important that you have the right broker at your side when pursuing them. 

We’ll Help You Out

Many people who are self-employed worry that they won’t be able to obtain a loan from a bank or other financial institutions. Thankfully, conventional lenders aren’t your only option. 
 
At Vision One Home Loans, we aim to provide our clients with the smoothest real estate experience that they could ever hope for. If you need help buying a home, speaking with investors, or applying for mortgages, then we’re the firm that you’ve been looking for. We’re a passionate team that loves to share our knowledge of the real estate market with new clients. Reach out to us today! 

  • The president of the company has been in the mortgage industry over 16 years and decided to open Vision One Home Loans in 2019 in order to offer tailored and exclusive mortgage loan programs to his clients.

  • We take a wholesale approach to retail lending. We offer different type of loan program that work for you. in many cases better loan options and programs with better rates. We stay competitive and monitor the markets on a daily basis.

  • We speak fluently in Spanish and English

How Much You Need

$1000 $40000
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