sapan | Mortgage Refinance | April 23rd, 2010 Comments Off
Yes, you can. Given that you are ready to take a no income documentation loan as a way to continue your privacy to a maximum level and not as a method to trick the bank or lender. No income documentation loans do not necessitate W-2s, nor tax returns, or bank statements – no income or assets will be necessary to verify. All you require is evidence for proof of employment / self employment.
Since no doc refinance loan are based exclusively on good credit presented by the borrower, they will need a larger down payment compared to more documented loans. Be expecting 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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Documenting your application for your refinance loan is sometimes a bit hustle. No doc refinance loan is a great help.
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