No Doc Loan
No doc loan from Mr Mortgage
No doc loans are the no fuss way to get a home loan. If you are a contractor, self employed or have a small business the last thing you need is your bank wanting you to verify your income. With our No Doc loan there is no requirement for you to verify your income. You don't even have to be in business for the usual two years.
We can set your loan even if you have just started in a new business.No Doc Loans are similar to lo doc loans except that all they require is a Statutory Declaration from you, the borrower, concerning your income. That is you do not have to prove your income. The Lender will look at other factors such as your current debt levels, your credit rating and loan conduct, the value of the property and the loan required and the amount of down payment or equity you have.
No Doc Loans do require some documentation to get rolling besides the mortgage application, but very little compared to full documentation loans required by traditional lenders and banks.
No-Doc Home Loan Application
A No Doc Home Loan is a loan that requires no documentation to prove your income.
The lender will take other information that will demonstrate your ability to make the monthly repayments.
The advantage is a quicker home loan without having to supply documented proof.
This loans is for small business, self employed and contractor applicants that do not want to have to prove their incomes and want a quick loan settlement.
It does not mean low income, low deposit or low rate home loans, or bad credit. All these are reasons that would mak it difficult for you to repay the loan.
To qualify you will have a have a good income, or a good deposit or substantial equity in your home.
It requires clear credit. Your credit rating will be assessed for this loan.
If you had credit issues you will be required to pay these out before the loan can settle.