0
The requirements for obtaining a no-documentation loan are looser than those for an ordinary loan. Thus, for those with a poor credit history (or no credit history entirely), such a loan may be the only option available. However, no-documentation loans often include higher interest rates and a higher deposit to cover the risk for the lender, so they are generally considered inferior to ordinary loans.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
Advantages of mortgage loans?
Samuel Tarawali
What are the advantages of secured loans?
The advantages of personal secured loans are that they usually offer low interest rates, your credit history is not as crucial, employment may be optional, the value of the loan can be higher and good credit can increase the amount of loans you can take.
What is the meaning of no doc mortgage loans?
A no doc mortgage is one that requires no documentation to be signed at the time of sale. There is no need for a credit check or other background financial information.
What are the advantages and disadvantages of loans?
A disadvantage would be there is interest <3
What are the advantages of personal secured loans?
The advantages of personal secured loans are that they usually offer low interest rates, your credit history is not as crucial, employment may be optional, the value of the loan can be higher and good credit can increase the amount of loans you can take.
What are the advantages of using an online application such as Google doc?
allah knows best
What are the advantages of fixed loans?
Fixed rate loans have many advantages over adjustable rate loans. One advantage would be that, with a fixed rate loan, one would never need to worry about their payments or interest rates changing. Fixed rate loans also come in a variety of different lengths and payment plans.
What are the advantages of advance loans?
There are various advantages and disadvantages of advance loans. On the one hand, advance loans allow a person or business to have enough cash on hand to purchase something or to finance a project. On the other hand, they accrue interest the longer one waits before paying them back.
What lenders do "stated income" mortgage loans for self employed borrowers?
Stated income loans, often called No Doc loans are harder to come by since the mortgage crisis. You might check with Great Western Mortgage to see if they still offer this type of loan.
How can you find more information about personal student loans?
One can find more information about personal student loans online at financial aid websites and at participating banks. Federal student loans offer more advantages than private loans.
Are you currently making stated income no doc loans in Florida I own a 700 sq ft condo. It should appraise for approx $100,000. I have a privately held mortgage for approx $36,000 which balloons in June. I would like to refi for approx $80,000. Dom?
I am not currently making stated income no doc loans in Florida. A no doc loan is a loan that maintains strict privacy for logistical purposes. It also requires great to excellent credit.
Is it possible to get a 'low doc' or 'no doc' loan on a co-op apartment?
The availability of "low doc" or "no doc" loans for co-op apartments depends on the policies of individual lenders and the regulations of the specific region. Let's explore both types of loans and their applicability to co-op apartments: Low Doc Loans: Low doc loans are designed for borrowers who have difficulty providing traditional income verification documents, such as tax returns or financial statements. These loans typically require less documentation and rely more on the borrower's creditworthiness and the property's value. However, it's important to note that low doc loans are more commonly available for residential properties rather than co-op apartments. Lenders may require additional documentation specific to co-op apartments, such as co-op board approval and financial statements from the co-op association. No Doc Loans: No doc loans, as the name suggests, require minimal or no documentation regarding the borrower's income or assets. These loans were more prevalent before the financial crisis of 2008 but have become less common due to stricter lending regulations. It is highly unlikely to find lenders offering no doc loans for co-op apartments, as co-ops typically have stringent financial requirements and rely on the financial stability of the shareholders. In general, co-op apartments often have unique financing requirements compared to other types of properties. Co-op boards may have specific guidelines and financial criteria that potential buyers must meet, including providing comprehensive financial documentation. These requirements aim to ensure the financial stability of the co-op community. If you are interested in obtaining a loan for a co-op apartment and anticipate challenges in providing full documentation, it is recommended to consult with lenders who specialize in co-op financing. They can provide guidance on the specific requirements and loan options available in your region. Additionally, working with a mortgage broker experienced in co-op financing can help you navigate the process and find suitable loan options tailored to your needs.
