No Doc Mortgage Loans?

Answer

A no doc loan is a home or a mortgage loan which does not require documentation of documents, for verification of one's income. The loan is ideally suited to investors, borrowers, independent contractors, ex-bankrupt or clients with arrears on mortgages and self employed persons are not accepted by traditional lenders. The loan is usually of higher risk profile and is more expensive compared to traditional loans.
Q&A Related to "No Doc Mortgage Loans?"
Mortgage lending risk usually looks at the borrower's ability and inclination to repay the debt. This would call for proving income and would be supported by a good credit history
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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
http://wiki.answers.com/Q/What_are_the_advantages_...
At some point in life you'll likely have to borrow money to pay for college, buy a home or car, renovate your home, consolidate debt or refinance existing loans at a lower interest
http://www.life123.com/career-money/credit-debt/cr...
The essential difference between a recourse and. non-recourse. loan has to do with which assets a lender can go after if a borrower fails to repay a loan. As a matter of principle
http://www.investopedia.com/ask/answers/08/nonreco...
1 Additional Answer
Ask.com Answer for: what is a no doc loan
What Is a No Doc Loan?
No Doc (no documentation) loans are a type of mortgage loan for the purpose of purchase or refinance of residential real estate. The feature that has made them interesting is that they do not require documentation of income or assets. Also known as NINA... More »
Difficulty: Easy
Source: www.ehow.com
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