Does anyone know the skinny on investment property loans called "no-doc? Are they as easy as it looks with a decent credit score?
"No-doc" means no documentation. If it is a true "no-doc" loan, the lender will not verify income, assets (you still need money down), or a job. You need credit good enough for these programs and there is usually a rate adjustment.
I am no-doc loan for a client today. I can only make loans for 90% of the value. Basically you only loan based on credit scores. you do not provide employment or asset information to all.
yes, they are prepared simply stated that you need at least 10% -25% down and proves nothing for the loan is a mortgage credit really driven. if you know what I mean ...
Posted on January 11, 2010.
