Many lenders are reluctant to provide conventional mortgages to the self- employed, so they push these borrowers to low- or no-documentation loans.
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With Easy / No Doc loans little or no documentation is provided to substantiate the borrower’s income and assets. These loans are mostly for self-employed borrowers who have difficulty verifying all of their income, and for service industry employees, such as bartenders, waiters, and hair stylists that have pay which is difficult to determine.
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the Company’s indemnification and repurchase obligations in connection with mortgage loans it purchases and later sells or securitizes; the quality and enforceability of the collateral documentation.
The no documentation mortgage (No Doc) has no supporting evidence of a borrower’s income. Instead, the loan realizes based on a declaration confirming the borrower can afford the loan payments.
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The VA loan never participated in the “no down payment, no documentation” marketplace that contributed to the mortgage debacle in the 2000s. One of the reasons is because the VA didn’t allow for.
A No-Doc or Low-doc loan (abbr: No/Low Documentation Loan) refers to loans that do not require borrowers to provide documentation of their income to lenders or do not require much documentation. It is a financial product commonly offered by a mortgage lender to consumers who cannot qualify for normal loan products because of fluctuating or hard-to-verify incomes, such as the self-employed, or.
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· Without two years of tax returns to prove income to lenders, it can be difficult to finance a new home or refinance an existing mortgage. Fortunately, that’s where no doc (or no document) loans come in, as well as a few other ways around this requirement. The No Doc Loan
Low doc property loans first appeared on the Australian lending landscape in the late 1990s. Introduced by non-bank lenders, predominantly mortgage brokers,