True No doc loans, still available?
I am recently self employed and will not be able to state income or work history. I need a true no documentation loan. I have a credit scoe in the low 800′s and have a 40% down payment. I want to get a loan based on my credit score, down payment, and a satisfactory home appraisal and nothing else. Is this possible in todays market and where should I go?
Tags: Available, credit score, Doc Loans, Documentation, Home Appraisal, Loans, Scoe, Still, TRUE, Work History
2 Comments at "True No doc loans, still available?"
yes but you wont find it at the local bank…go visit the local broker.
they normally ask for 20% down.
Yes, true “No Doc” or NINA loans still exist. I do them in California. You don’t need to put down 40% unless you want to. 20% is the least we can do down. The rates on a 5 year fixed is in the low 6′s. For a 7 year fixed, the mid to high 6′s. You can pay discount points if you wish to lower the rate (but I wouldn’t.I hate points).