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.

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 doc loans

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.

Second Mortgage - No Doc Loan

Fixed rate second mortgages up to 80, 90, & 100% combined loan to value. Credit Rating: Good or Excellent. Key qualifiers: property value, credit score, and stated income OK. This is for borrowers seeking a mortgage with no income documentation required & no asset documentation need for loan process. What are Today's 2nd Mortgage Rates?

.  100% Stated Income Second Mortgage
.  95%  "No Doc" Second Mortgage
.  90%  "No Doc" Second Mortgage
.  80%  "NINA" No Income-No Assets Mortgage
Popular Alternative Lending Pages:          
Stated Income Home Loan | No Credit Check Loan

10 Reasons Why People Return to Site for Their Next 2nd Mortgage!
  1. No Mortgage Insurance on any of the Second Mortgage Programs
  2. Options for Low Interest Only Payments
  3. No Minimum Draws & No Application Fees with HELOCS
  4. No Equity Needed with HARP Mortgage
  5. Light-Doc Loans for Manufactured Homes
  6. Up to $500,000 Loan Amounts on 2nd Mortgages
  7. Stated Income Loans up to 90%
  8. Concurrent 1st & 2nds Mortgage Refinance Available
  9. Bad Credit OK (as low as 550 fico score)
  10. No Full Appraisal Required on Some 2nd Mortgage Programs
In the News – Some borrowers who are still unable to produce tax returns or company pay stubs to prove their income continue to request "stated income mortgages" again as several lenders have rolled out new programs based more on savings and assets. The Consumer Finance Protection Bureau has published new rules on alternative mortgage products, but they still do not issue specific minimum requirement for asset in reference to the borrowers' ability to demonstrate the likelihood of repaying a 1st or 2nd mortgage.


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Please be aware that this is not an advertisement for credit. Nothing on this site contains an offer to make a specific home loan for any purpose with any specific terms. This is a web-site and no loans can be guaranteed as loans and rates are subject to change. BD Nationwide was affiliated with national lenders and a federally chartered bank located in Maryland licensed to offer home loans in all 50 states.

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