How to Qualify For A No Doc Mortgage

To qualify for a no doc loan, you must have great credit.

A no doc mortgage, which is also known as a no doc loan, is a type of financing for a home that doesn't require your personal finance information. Your personal finance information such as income resource, monthly pay, and other such information is not required. Other assets that you have such as bonds, stocks, etc. are also not required to be disclosed on an application for a no doc mortgage.

Instructions

1. 

   Maintain a good credit rating to qualify a no doc mortgage. This type of home financing is strictly based on your credit score. Most individuals who qualify for a no doc loan have great to excellent credit reporting scores.

2. 

   Close inactive credit card accounts that you do not use, keep spending on active cards to a minimum, and pay or keep existing balances low. Lenders will be looking at your spending habits and how reliable you have been when making your monthly payments to qualify for a no doc mortgage.

3. 

   Save up money for a larger down payment. Start setting aside more money a month to qualify for a no doc mortgage. This type of financing generally requires a higher down payment compared to the standard type of home endowment. Check with lenders in your area to see what the normal percentage is required for a down payment on a no doc mortgage for their services.

4. 

   Disclose other asset information to qualify for a no doc mortgage. Consider giving your asset finance information such as bonds, land property, collector cars, and stocks because you may qualify for a lower interest rate or down payment. Most no doc loans typically carry a 1 to 2 % higher interest rate than the standard home mortgage. Some lenders may even charge a higher interest rate for no doc mortgages. Disclosing such information may help get a no doc mortgage.

Tips & Warnings

• Sole family homes, townhouses and condominiums can qualify for a no doc mortgage (no doc mortgage loan). Some investment properties may also qualify for a no doc mortgage but can have different guidelines depending on the lender.

• Talk to a financial advisor before disclosing your assets to aquire a no doc mortgage.