By Benjamin Robert Ehinger

A Few Things to Know About No Doc Mortgages

When you need to find the right type of mortgage for you it is necessary to learn about no doc mortgages. These are mortgages that are a bit different and will help you by allowing you to not have to worry about proving as much. You have to find the right mortgage and it is possible that the no doc mortgages are for you.

Are you looking for a mortgage and you know proving your income is going to be a problem? There are programs that are designed specifically for those that have trouble proving their full income. They are called no doc mortgages or stated income mortgages. Here are the situations that are perfect for no doc mortgages.

The Reasons to Use No Doc Mortgages

If you are a self-employed individual, then you are exactly the type of person that the no doc programs have been designed for. When these programs first came about, they were used only for self-employed individuals and the requirements were not easy. You had to have perfect credit, but now you just have to have pretty good credit.

Another type of individual that the no doc mortgage is for is the tipped employee. We all know that if you are a bartender or server or you work for tips doing something else, then you know that you don’t claim all of your tips. This makes it hard to prove that you make what you really make and it will make it hard to get a mortgage without using a no doc program.

The last situation that is perfect for a no doc mortgage is the independent contractor. This could be a sales representative or someone working in the construction field. This is the type of person that gets paid by cash, personal check, or money order and does not claim all of their income due to expenses and other reasons. The no doc program is perfect for you.

All of these situations are great for the mortgages that do not require you to prove your income. You also will not have to worry about many of the things that you would have to worry about with a traditional mortgage. You need to get the right mortgage loan for you and you will have to make sure you look into at least a few options before choosing one.

Finding the No Doc Mortgages that Work for you

No doc mortgages are not hard to find and just about every bank and mortgage company has a no doc or stated income program for those that cannot qualify for a normal mortgage. You will have to expect your rate to be a bit higher and you will need to have good credit to qualify, but this might be the best choice for you.

These are not the type of mortgages that are going to fit everybody, but if you fit into the right type of situation you will want to at least know about these types of mortgages. This could be the type of mortgage that helps you to get the house of your dreams or the right one of the no doc mortgages could help you get the refinance you need.

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