Question:

Is it possible to get a no doc HELOC (home equity line of credit)?

Answer:

A no doc HELOC (home equity line of credit) is often offered with a no closing cost HELOC. Some lenders will offer stated income HELOC which means that whatever income you declare, they will not check your W-2 for verification.

No matter that it is possible to find a lender offering a no doc HELOC, often it will take time to find the right lender. Some lenders only specialize in conventional loans, others have developed different loan programs to assist people with less than perfect credit or people wiling to avoid the hassle of full documentation loans.

Have in mind that no doc HELOCs, as all reduced documentation loans, will offer you somewhat higher rate compared to a full doc HELOC. When looking for a no doc home equity line of credit, you'll do best if you collect several quotes form different lenders and run a comparison.

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Common misspellings: mortage and morgage