Easy-Qualifier Loans - Q & A
Back    Next


Q: What are no-doc loans?
A: "No-doc" loans are mortgages for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more.

These mortgages are common among self-employed people who say they earn a certain amount of money but whose tax returns show that their earnings are much lower.

Resources:

  • "How to Shop for a Mortgage," Mortgage Bankers Association of America, 1919 Pennsylvania Ave. N.W., Washington, DC 20006-3404; call (202) 557-2700; www.mbaa.org.

Q: Can someone who is unemployed get a loan?
A: Generally, lenders will not make loans to unemployed persons because someone without an income would seemingly have no way of making monthly mortgage payments.

However, there are home loans for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more. These "no-doc" loans are common among self-employed people who say they earn a certain amount of money but whose income tax returns show that their earnings are much lower.

Borrowers should check directly with lenders when seeking a no-doc loan. If specific lenders do not offer them, ask for a referral.



Copyright 1999 Inman News Features



freered.gif (2050 bytes)
FREE HOME SEARCH SERVICE

Use this form to order a list of homes that meet your criteria. Please give as much detail as possible.

palms

Orlando Real Estate Agent John HambrickOrlando Realtor Angela Chapman
Orlando Real Estate Professionals


407-207-5550


Seminole County|Orange County|Lake County|Osceola County|Volusia County|Polk County|Brevard County

Capital Realty Group Florida
138 E Colonial Dr.
Orlando, FL 32801
contact by E-Mail

407-207-5550

Communities|For Buyers|For Sellers|Schools|Retirement|About Us|Home Advice|Sell Tips|Golf Club Communities|Brevard County| Site Map
Copyright © 2010 John & Vicki Hambrick