http://springhillgrouphome.com/2013/05/no-doc-home-loans-pros-cons/ It sometimes can be very stressful to purchase a new home. And what makes it more difficult is the process that comes along with it more especially if you
lack the required documentation to get a traditional home loan. Those who can not provide tax returns or mortgage finance statements like self employed
individuals, work on a freelance or contract basis are often at a loss when it comes to providing ample proof that they are in fact credit-worthy when it comes
to their incomes.
Ask yourself; is a no doc home loan right for me? Before anything else, you must weigh in the pros and cons of the action.
Lenders identify with your financial state. If it is different does not indicate that you should be reprimand or deprived of the chance to buy or refinance a home
loan. This results to no doc home loans; this was intended to help those who are regarded as non-traditional income earners. But this comes with certain
As stated earlier, no doc loans do not require that you prove income contrasting to traditional natures of home loans like fixed rate and low rate basic loans.
Nevertheless, it is still demand that you can actuality pay back your home loan in a procedure that is referred to as self certification.
The Pros of a no doc loan:
Convenience - proviso that you agree to disburse the additional money allied with no doc loans in turn to speed up the home buying procedure then no doc