Question:

What are the no doc stated income loans like?

Answer:

The mortgage industry has spawned a whole array of mortgage products targeting the needs of specific group. No doc stated income mortgage loans are in fact most appreciated by the self-employed who find proving income a nightmare.

Loan application the standard way - Full Doc - requires an incredible amount of work. Compared to full doc loans, no doc stated income loans require your income figure and the address of your dream property and that is it.

It is a great option to go stated income. However, as all good things this one also has a cost. Prepaying points and having high rates goes hand in hand with no doc stated income mortgages. Even if your credit is 700 and over, you are a greater risk to the lender and this is best shown on your rates. If you have bad credit, no doc stated income loans are still an option but the cost is even greater.

However, how much exactly the loan will cost to you depends on the lender and how great of a risk you are to them.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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