No Documentation Second Mortgage

See Stated Income and No Doc Mortgage Loans

The no documentation mortgage option streamlines the process so that qualified borrowers can state their income with no money refinancing. If you are a homeowner seeking a loan program with less paperwork and hassles, then the no documentation mortgage may be the option that best suits your needs.

Most banks have shut down their no doc 2nd mortgage programs, but not our featured lending companies. BD Nationwide can introduce you to lending companies offering stated income mortgage refinancing, "No Doc" second mortgages for qualified borrowers with good credit scores. No Doc loans are essential for most self-employed borrowers, because it is usually a nightmare for them to document their income. Underwriters analyzing full documentation loans for self-employed and independent contractors will typically request full tax returns, profit and loss statements for 3 years and 6 months of bank statements. For this reason, most self-employed borrowers like stated income and reduced documentation loans. Take a minute to complete this form below and you will be able to compare no doc mortgage quotes with no application fees.

Loan Type Select ---------------> Mortgage Refinance Cash Out Refinance Home Equity New Home Purchase Property Type Select One-----------> Single-Family Detached Condominium Cooperative Multi-Family Dwelling Modular Mobile Home Manufactured Home Property Value Select One-----------> 1st Time Buyer 75,000 - 80,000 80,000 - 85,000 85,000 - 90,000 90,000 - 95,000 95,000 - 100,000 100,000 - 105,000 105,000 - 110,000 110,000 - 115,000 115,000 - 120,000 120,000 - 125,000 125,000 - 130,000 130,000 - 135,000 135,000 - 140,000 140,000 - 145,000 145,000 - 150,000 150,000 - 155,000 155,000 - 160,000 160,000 - 165,000 165,000 - 170,000 170,000 - 175,000 175,000 - 180,000 180,000 - 185,000 185,000 - 190,000 190,000 - 195,000 195,000 - 200,000 200,000 - 205,000 205,000 - 210,000 210,000 - 215,000 215,000 - 220,000 220,000 - 225,000 225,000 - 230,000 230,000 - 235,000 235,000 - 240,000 240,000 - 245,000 245,000 - 250,000 250,000 - 255,000 255,000 - 260,000 260,000 - 265,000 265,000 - 270,000 270,000 - 275,000 275,000 - 280,000 280,000 - 285,000 285,000 - 290,000 290,000 - 295,000 295,000 - 300,000 300,000 - 305,000 305,000 - 310,000 310,000 - 315,000 315,000 - 320,000 320,000 - 325,000 325,000 - 330,000 330,000 - 335,000 335,000 - 340,000 340,000 - 345,000 345,000 - 350,000 350,000 - 355,000 355,000 - 360,000 360,000 - 365,000 365,000 - 370,000 370,000 - 375,000 375,000 - 380,000 380,000 - 385,000 385,000 - 390,000 390,000 - 395,000 395,000 - 400,000 400,000 - 405,000 405,000 - 410,000 410,000 - 415,000 415,000 - 420,000 420,000 - 425,000 425,000 - 430,000 430,000 - 435,000 435,000 - 440,000 440,000 - 445,000 445,000 - 450,000 450,000 - 455,000 455,000 - 460,000 460,000 - 465,000 465,000 - 470,000 470,000 - 475,000 475,000 - 480,000 480,000 - 485,000 485,000 - 490,000 490,000 - 495,000 495,000 - 500,000 500,000 - 505,000 505,000 - 510,000 510,000 - 515,000 515,000 - 520,000 520,000 - 525,000 525,000 - 530,000 530,000 - 535,000 535,000 - 540,000 540,000 - 545,000 545,000 - 550,000 550,000 - 555,000 555,000 - 560,000 560,000 - 565,000 565,000 - 570,000 570,000 - 575,000 575,000 - 580,000 580,000 - 585,000 585,000 - 590,000 590,000 - 595,000 595,000 - 600,000 600,000 - 605,000 605,000 - 610,000 610,000 - 615,000 615,000 - 620,000 620,000 - 625,000 625,000 - 630,000 630,000 - 635,000 635,000 - 640,000 640,000 - 645,000 645,000 - 650,000 650,000 - 655,000 655,000 - 660,000 660,000 - 665,000 665,000 - 670,000 670,000 - 675,000 675,000 - 680,000 680,000 - 685,000 685,000 - 690,000 690,000 - 695,000 695,000 - 700,000 700,000 - 705,000 705,000 - 710,000 710,000 - 715,000 715,000 - 720,000 720,000 - 725,000 725,000 - 730,000 730,000 - 735,000 735,000 - 740,000 740,000 - 745,000 745,000 - 750,000 750,000 - 755,000 755,000 - 760,000 760,000 - 765,000 765,000 - 770,000 770,000 - 775,000 775,000 - 780,000 780,000 - 785,000 785,000 - 790,000 790,000 - 795,000 795,000 - 800,000 Over 800,000 Credit Rating Select ---------------> Excellent Good Fair Poor

2nd mortgage programs are not always the easiest programs to qualify for when searching for no income documentation loan features. Consider mortgage refinancing opportunities if you run into obstacles with no documentation second mortgages. It is important to know that most bank and lenders do not offer stated income 2nd mortgage programs. That's why it's imperative that you maximize your time on websites like this, because we have the knowledge and relationships to help you find mortgage lenders that specialize in mortgage programs that require no income documentation.

Don't waste your time applying for mortgages with the big banks that do not take risks with stated-income loans and no-doc mortgage products. We will help you find lenders offering the most attractive bank statement loans and no-doc mortgage programs in 2020.

No Income Verification Mortgage Options to Refinance

Consider taking out a quick and easy no income verified home equity loan online and take advantage of the cash out for home improvements, construction, and debt consolidation. Please note that FHA mortgages are not available for borrowers that need a no income mortgage option. The FHA does not officially allow or endorse stated income loans or no doc mortgage programs. They require each FHA insured mortgage to be underwritten with sufficient income documentation. Get more program guidelines and lending rules from stated income mortgage lenders.

In most cases if you have credit problems in the past, most companies will require you to document your employment and income at least for most bad-credit home equity loans. However, guidelines change frequently, and many programs will disregard credit issues after so many years. (ie. 3-years, 5-years, 7-years depending upon the specifics, ie, bankruptcy, foreclosure, charge-off, etc.) Ask for all the requirements and disclosure for a bad credit-second mortgage.

No Documentation 2nd Mortgage

• Stated Income Options for qualified applicants
• Second Mortgage Lines to 90% with no equity needed
• NO Income Verification Loans for Self-Employed People
• Quick Money for Debt Consolidation and Student Loan Refinancing
• Limited Doc 2nd Mortgages that Automate the Loan Process
• Competitive Rate Cash-Out Loan
• No Doc 2nd Mortgage and NIV Equity Loan Programs for Good Credit Borrowers
• No Mortgage Insurance Required!
• No Mortgage Documentation Needed! (NINA)
• Refinance with No Income Documentation Loan

How to Get a Mortgage without Providing Income Documentation in 2020

Before the mortgage meltdown ten years ago, NINJA loans were a popular option for many people who wanted to buy a home without income documentation. A NINJA loan means no income, job or asset verification. It also was known as a no doc mortgage. After the crash, these loans disappeared. Now in 2020, there are some loans available without income documentation in some situations.

Overview of a No Doc Mortgage

In the purse form, a no documentation mortgage just requires you to fill out a mortgage application and sign it. There are no pay stubs, no bank statements or tax returns. The purpose of this type of loan was to make it easier for home buyers who were self-employed or had income and assets that were harder to identify.

These loans were not intended to be a 'liar's loan.' When you sign a mortgage application, you are promising under penalty of law that everything on it is true as far as you know it, whether you have documents to back it up. But many people did not take this contract seriously and used NINJA loans to buy homes they could not afford.

Loans like this are now not allowed.

The Ability to Repay Rule

Under the new Ability to Repay rule, new mortgages do have to comply with minimum requirements that provide protection to the home buyer, so they are not taking on a loan they cannot pay for. The lender is required to prove to the best of their ability that you can repay the loan before it is approved. Lenders do not all have to follow the same, very strict rules on this, but they do need to show that the loan is one you can afford.

Under the new rules, while it is not possible to have an absolutely no income verification loan, there are possible ways that your income can be verified that go outside traditional methods. You may be able to prove your income by providing your bank statements, and then an averaging of your deposits can be done. Or you might be able to get a letter from your accountant. It is not always necessary to prove income with tax returns and pay stubs.

What Is an Alt Doc Loan?

Financial experts say there are many scenarios where people make money to pay for a mortgage, but their documentation is nontraditional. They may be self-employed. They could be construction workers who make most of their income in three months of the year. They do not have pay stubs or W-2s, but they do have enough income to pay a home loan. These types of loans can be referred to as alt doc loans.

You will still need to have some proof of your income. Bank statements are often relied upon heavily. The self-employed may need to provide a profit and loss statement signed off on by an accountant. Also, you may need to make a down payment higher than 20%.

Another possible requirement is having several months of savings in the bank, so you can make 3-6 mortgage payments if you no longer have steady income in a slow period. These alt loans may also require you to pay a higher rate and have higher overall cash reserves.

The bottom line today in 2020 and beyond is you can get a mortgage without having traditional income documentation. Many people still think it is 2010 and you cannot get a loan without having full income documentation, such as paystubs, W-2s, and tax returns. This is not true, but do not expect to get a mortgage without any income documentation at all. Most people who earn their income in alternative ways can probably qualify for a mortgage with alternate income documentation, if they have decent credit.