Income Verification No Doc

The term no documentation no doc mortgage refers to a loan that doesn t require income verification from the borrower.

Income verification no doc. No documentation mortgage loans also called no income verification loans make it possible to buy real estate without providing things like w 2s or pay stubs to prove your income. This means that you indicate your income say 3000 per month but the lender does not verify the information with pay stubs w 2 forms etc. In short there is no income verification no income documentation no tax returns and on certain refinance transactions you will not have to provide any bank statements. You don t have to spend much time in the broking community before terms like alt doc and low doc start popping up.

It doesn t mean the borrower doesn t have a job but rather that a lender will not ask questions about their employment. Since this is a form of savings savings were often used as a substitute for income. Menu please enter a minimum of three characters. Find out how bluestone defines full alternative and low documentation.

The second part of a no doc equity loan product is that some lenders also provide a feature called no income verification or stated income. Standard no doc or stated income or no income verification guidelines required borrowers to have at least six months of their income in reserves. Lenders vary in the loan products that they offer. This type of loan is instead approved on a declaration that confirms the.

No income verification mortgages also known as no doc loans are rare but offer advantages to homebuyers who want to avoid providing salary info to the bank. Income verification is a hot topic for self employed borrowers and the brokers who help them.