Can I take a no doc loan and are there different no income documentation loans?


Yes, you may. Given that you are willing to take a no income documentation loan as a way to keep your privacy to a maximum level and not as a way to trick the bank or lender. No income documentation loans do not require W-2s, nor tax returns, or bank statements - no income or assets will be required to verify. All you need is show proof of employment / self employment.

Since no doc loans are based solely on good credit presented by the borrower, they will require a larger down payment compared to more documented loans. Expect a down payment of 20 to 25 percent for primary residences, or 25 to 30 percent for investment properties, depending on credit score. Also, those loans require fairly long credit history - such as several accounts listed on the credit reports for the last two years and often rental and mortgage history is also required.

There is a variety of no income documentation loans on the market - no doc refinance with cash out, no doc cash out with no seasoning, etc.

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