No Doc Home Loans are home loans that don't require you to verify your job, prove your income, and in some cases have your credit checked. These home loans are made for a specific type of person and situation. They are not for everybody and here are a few situations that you can get a no doc home loan with.
No Doc Home Loan - Situation #1
If you are a self employed individual and you have trouble proving your true income, then a no doc home loan can be beneficial for you. This is a typical and popular situation for a no doc home loan. You will be able to get what you are after if you are self employed and have trouble proving what you actually make.
No Doc Home Loan - Situation #2
Tipped employees that don't claim all their tips are another group of people that the no doc home loan fits very well. This is a group that makes much more than they can prove and it is hard to get a good loan because of it. The no doc home loan is perfect for the tipped employee. This situation is a very popular situation to use a no doc home loan for.
No Doc Home Loan - Situation #3
If you have worked at the same job for over 2 years, but your debt to income ratio is too high for a normal mortgage, then a no doc home loan is NOT for you. Mortgage brokers might try to talk you into a no doc home loan in order to get your business, but if your debt to income ratio is too high for a regular mortgage, then it is a huge mistake for you to agree to a no doc home loan.
So now you know which situations are good for a no doc home loan and a little about when you should avoid one. Make sure to shop your no doc home loan quote to make sure you are getting the best quote for you.
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