No Doc Home Loans

No Doc Home Loans - Quicken Loans Zing Blog No doc and low doc loans are very difficult to qualify for in today’s mortgage and financial markets. Because of this, most mortgage companies (including Quicken Loans) don’t offer them at this time. For more information, talk to a Quicken Loans home loan expert. We’ll show you how to obtain the necessary documentation so you can qualify for a full doc loan. Call us today at (800) 654-0068.

The more documentation you provide your mortgage lender (employment, income and credit history) the lower your interest rate may be. Many home buyers choose not to offer documentation for personal privacy reasons, and willingly opt for a higher interest rate. Yet, many of these home buyers have a healthy income, or savings, and a credit history. A no doc (documentation) or low doc loan provides increased ease and privacy when getting a mortgage in exchange for a slightly higher rate.

Buyers that opt for a low doc home loan are typically those who prefer not to have their entire life and financial history presented to the lender. For instance, they might be using an inheritance to secure a loan or have fluctuating income from owning their own business.

Ease is a big factor as well. With a no doc or low doc loan, the borrower provides their name and social security number, along with information regarding the property being purchased. The rest is up to the lender.

The Three Main Types of No Doc & Low Doc Loans

No Doc Loans

No Doc loans require the least documentation and are for buyers with excellent credit scores. The buyer provides minimal information (usually social security number and general property information) and the lender does the rest.

Stated-Income (Low Doc) Loans

Stated-Income, or low doc loans, typically attract people who work on a cash or commission basis – people who don’t draw a consistent salary. The borrower will need to disclose earnings, usually for two years, and might need to show tax returns and bank statements.

No Ratio Loans

No Ratio mortgage loans are for borrowers who do not wish to disclose their income; therefore there is no debt-to-income ratio for the lender to consider. The no ratio borrower has good credit and abundant assets that make up for the lender not considering the borrower’s income information. This loan can be a quick and easy process for borrowers that would have difficulty gathering documentation.

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32 Responses to No Doc Home Loans

  1. asfak November 15, 2011 at 12:39 am #

    hi,
    i am looking for home loan of 20,00000/- please tell me how to get it

  2. Wayne Lewis December 11, 2011 at 12:09 am #

    Hello I am looking to refinance one of my rental houses to get a lower apr. I owe 54,000 and the value is around 135,000 and only 4 years old. The only thing is i dont have much income to show on paper, because i have built rental houses for the last 2 years. I have over 1,000,000 in assets and excellent credit. Wayne

  3. Clayton Closson December 12, 2011 at 10:47 am #

    Hi Wayne

    Someone will get in touch with you shortly about the refinance of your investment property. Thanks for reading our blog and your interest in working with us. We appreciate it!

  4. Paul Nucaso December 22, 2011 at 7:57 pm #

    need to finance 404,000 for investment duplex, contract price 665,000 (40% down plus another 25K in escrow) this is a 1031 exchange
    self employed 1,000,000 in assets including 2 buildings clear. FICA 686

  5. Amber Hunt December 27, 2011 at 3:20 pm #

    Hi Paul,

    A Home Loan Expert will be in touch with you. Thanks!

  6. Shan Sultan January 11, 2012 at 11:11 pm #

    Needed a low doc/no doc home loan in Georgia, can you guys help?

  7. Christine B January 29, 2012 at 4:11 pm #

    I am looking for a low-doc or no-doc home loan in California on a $400K house, 20% down…run my own business so bank statements show true reflection of my income. Are there any lenders who do these type of loans anymore in CA? Thanks!

  8. Karen February 1, 2012 at 1:48 pm #

    We are considering a move to FLA and heard you can get a no document loan as long as you put down 20% (dispite a foreclosure in our history) is this true?

  9. Victoria Araj February 1, 2012 at 3:29 pm #

    Hi Karen, we will have one of our home loan experts give you a call and see what options may be available. Thanks for reaching out to Quicken Loans and have a great day!

  10. RJ Anton February 19, 2012 at 3:02 pm #

    Hi there,

    I am looking for a loan in Florida for about 30k.

    Because of a back injury, I was out of work until September 2011. I run my own computer business but have a couple of steady customers (with contracts), so I can count on cash-flow.

    I have 710 FICO score. I have no debt, other than a small bank loan that I pay on time each month, and have for over a year now.

    Because of lack of W2′s, I am afraid I don’t have a lot of options, so am considering either a no-doc or low-doc loan. Am wondering my options.

    Feel free to email me. I am ready to do this!

    -RJ

  11. Victoria Araj February 20, 2012 at 5:12 pm #

    HI RJ, thanks for reaching out to Quicken Loans, we will have one of our home loan experts contact you to see if we can be of assistance, thanks!

  12. Jessie April 13, 2012 at 3:11 pm #

    Looking for a no or low doc loan in Louisiana for, 150k

  13. Victoria Araj April 16, 2012 at 5:36 pm #

    Hi Jessie, thanks for reaching out to Quicken Loans, I’m going to send your request to one of our home loan experts who will contact you.

  14. Seihoon Ahn April 19, 2012 at 11:18 pm #

    Hi,

    We need a home loan for 350,000 in MN.

    We might need to consider low-doc, or no-doc if possible. We will put 20% down.

  15. Victoria Araj April 20, 2012 at 5:32 pm #

    Hi Seihoon, I forwarded your request to one of our home loan experts who will contact you to see if we can be of assistance, thanks for reaching out to Quicken Loans! Have a nice weekend!

  16. Vargas Ismael May 4, 2012 at 7:53 pm #

    i need a home loan in va low-doc or no-doc home is 150k i have between 20 and 30k down please contact me rctprofessionals@gmail.com

  17. Victoria Araj May 7, 2012 at 4:34 pm #

    Thank you for reaching out to Quicken Loans, I have sent your request to one of our home loan experts who will contact you soon. Thanks and have a great day!

  18. Cody May 7, 2012 at 7:51 pm #

    Looking for a low or no-doc home loan for $75-100k. If someone could email me about it that would be great!

  19. Victoria Araj May 8, 2012 at 10:00 am #

    Hi Cody, thanks for reaching out to Quicken Loans, I have forwarded your request to one of our home loan experts who will contact you soon.

  20. Laura May 12, 2012 at 8:03 am #

    Income $125,000 a year salary/past bankruptcy/low credit score (under 500) …any hope for a mortgage?

  21. Clayton Closson May 12, 2012 at 7:19 pm #

    Hi Laura

    Unfortunately, the absolute lowest credit score that qualifies is 580, and that’s only if you were eligible for a VA loan. Other loans require a minimum of 620. I suggest working with someone to improve your credit. Quizzle offers a good program that can help you get your number up. You can check it out at https://www.quizzle.com/what-is-quizzle/quizzle-improvement

    Good luck!

  22. DN May 13, 2012 at 4:53 am #

    Hi,
    I own a house which currently under water (-90k), I have been self-employed with steady income (contract) for a year now. my income + spouse (W2) = 165k + 50k. We are looking to buy another house with available cash for down payment of 20% (we are looking for houses in the range of 350k-450k). Can you help?

  23. Shannon Martin May 15, 2012 at 11:43 am #

    Thanks for your question. I passed it on to one of our Home Loan Experts. You should be contacted shortly.

    Thanks again for contacting Quicken Loans!

  24. Stephanie May 30, 2012 at 10:45 pm #

    I am looking to purchas a home. I have 20-30,000 for a down payment & decent credit. I just am having an issue proving my income as I am a union server and make cash daily. Plus I work off the books 1-2 days a week.. Any suggestions on how to make this happen?!?!

  25. Shannon Martin May 31, 2012 at 1:06 pm #

    Hi, Stephanie.
    I’ve passed your question on to one of our Home Loan Experts, who will be contacting you soon.
    Thanks so much for your interest and have a great day!

  26. FAYE June 14, 2012 at 10:17 am #

    HI I AM THINKING OF BUYING A SINGLE FAMILY HOME IN NJ, BUT I WANT TO GO WITH NO
    DOC, NO INCOME, I CAN PUT DOWN $ 50.000

  27. Victoria Araj June 14, 2012 at 1:06 pm #

    Hi Faye,
    We don’t offer no doc loans but I will send your request to one of our home loan experts who can see if we can be of assistance. Thanks for contacting us!

  28. Celeste June 27, 2012 at 9:11 am #

    Looking for a no doc or very low doc refinance in Massachsuetts.. Can show around 25,000.00 on returns for last two years rest is not shown. Not behind ever on mortgage and credit score 720.. Present mortgage is 270,000.00, house value conservatively is 379,000.00.. Boyfriend who is on deed (tenants in common) is going to be putting in approx 170,000.00 cash.. So looking for approx 100,000.00 refi… Don’t want to waste much time if this cannot be done..
    Thanks

  29. Lenny December 24, 2013 at 4:08 pm #

    Looking for a no doc or low doc loan in nj for a property

  30. Keith Guyot December 25, 2013 at 9:10 am #

    Hi Lenny,

    At this time we do not offer these types of loans. If you need anything else, please let us know!

  31. gary rado April 14, 2014 at 2:19 pm #

    I had to sell my home 2 years ago, due to a bad modification episode. Unfortunately my credit is destroyed.

    Anyway I’m renting for past 2 years , 4000 month. We have about 125000 and want to purchase a home again, but credit is not good. Looking for homes around 400K.

    I can carry a 3500 month mortgage

  32. Victoria Araj April 14, 2014 at 6:38 pm #

    Hi Gary, thanks for reaching out to us. I’ve shared your comment with one of our home loan experts who will contact you. Thanks!

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