Hard Money Loans No Doc Loans
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No Documentation Loans - No Doc Mortgage Loan
A No Documentation loan is one in which only very minimal information is provided to the lender. Income is not documented. Assets are not documented. Employment is not documented. This means only your personal information is included on the loan application. The advantage of the no doc loan are as many and varied as are the reasons for obtaining them! Five Stars Mortgage provides no doc financing that allows our clients to quickly and easily obtain financing on your purchase or refinance.
Advantages of the No Doc Loan
- No income verification
- No asset verification
- No employment verification
- No 4506-T (tax return info) required
- 30 year fixed available
- Interest only and ARM loan options
- 75% LTV refinances (with acceptable credit scores)
- Close in 3 business days
A Florida No Doc loan makes the process of obtaining fast financing even easier than a Stated Income Loan. There is no need to state anything on your loan application which means there is very little information to verify on the lender side. The No doc loan is heavily based on either credit or equity.
Credit based no doc loans have better interest rates and terms than the equity based no doc loans.
An equity based no doc loan is often referred to as a private money or Hard Money Loan as well.
It is important to understand that while no doc loans allow the process of financing a home to move much more quickly, it does come with a cost. No doc loans almost always incur higher rates and points then traditional financing. The benefits versus the cost of the no doc loan must be weighed in order to determine if a no doc loan is right for you. Call now or apply online today to speak with one of our mortgage professionals about a no doc loan today!