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Interest Only No Doc Loans - Updated 3/08

We are not offering residential loans at this time. We are, however, still offering commercial loans to small business owners with the SBA 504 Loan and the Green Choice Loan™ .

The information below is no longer valid.

Interest only "no doc" loans without employment verification are not available at this time. Please visit the no doc loans page for a summary of what is still available.

No Doc Loans, also known as no documentation loans, did not require income, asset or employment verification.

It is important to note that as of January 2007, PMI (Private Mortgage Insurance) is tax deductible for purchase loans for those with Adjusted Gross Incomes of less than $100,000.*

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The minimum middle credit score for these loans is 720 assuming an 60% loan to value. It is worth mentioning that we frequently get requests from borrowers looking for a cash out no doc refinance and we find out that they are actually employed (or self-employed) and can verify their employment for two years, but they cannot or do not want to verify assets. We can often qualify these clients with a stated income, no income or no ratio loan without asset verification. We can do this because in most cases we will consider the cash-out from the refinance as the "cash reserves" that most of these programs require. So if you can verify employment, but can not document assets, then one of these programs might be a good fit for you and you should be able to get a better interest rate then with a real no documentation loan. It is also worth noting that we do real no doc loans without requiring you to sign any of the IRS Forms (4506, 4506t and 8821) that many lenders will have you sign at closing.

  • 40% Down No Doc Loan
    Our 40% down no doc loan requires a 720 or better middle credit score, a fairly long credit history - 4 accounts rated for 2 years on your credit report - and (depending on the quality of your credit) a verifiable rental or mortgage history. We can lend up to $500,000 with a 40% down payment and up to $650,000 with 45% down. Likewise, we can do a cash out refinance up to 60% loan to value at a loan amount of $650,000 and we will do a super jumbo no doc as high as $3,000,000 at 50% loan to value. These loans do not have negative amortization and if it is a 30 year fixed rate then the interest rate never changes. We allow the property seller or builder to pay up to 3 % of the sales price towards your closing costs which can help eliminate or significantly reduce your expenses at closing. So depending on how much you are borrowing (and how much closing costs are in your area) you might be able to buy a house with a no doc loan with just your 5% down payment.
  • Payment Shock
    One real critical underwriting stipulation with these loans is that we want to make sure that if you are a first time homebuyer that you have a proven ability to handle a previous rental or housing obligation or that you have a good, long credit hisory.  We may need to verify your rental history (sometimes with 12 months of cancelled checks) and in some cases you will be limited to paying no more than twice your current rent.  We do not want to see people get in over their heads. (This same guideline may also apply if you have a previous mortgage history and you are looking at a large increase in mortgage payment, but we will also consider the depth of your credit history).

All of these loans are available with attractive interest rates commensurate with the risk involved and the lower the loan to value, the better the rate. In most cases a no doc loan is a temporary solution for a borrower who cannot document an employment history according to traditional mortgage underwriting guidelines. While it is true that many of these loans carry a higher interest rate - you can get very attractive rates if you have a large down payment or good equity position. It is important to remember that most situations are "fixable" at a later date if you end up with a higher rate than you had hoped. We have done many no doc loans for borrowers (especially the newly self-employed) who we were able to refinance into a more attractive rate once they were established in their new business for 2 years.


Please call us 1-800-414-5285 or fill out a contact form to see what we can do given your individual situation.

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Properties not eligible for no doc financing:
Farms or rural properties with acreage, manufactured homes, mobile homes or doublewides, mixed use, commercial, loans for investment property flips or renovation, construction loans, berm or earth homes. No Doc Loans are available for investment properties, but different guidelines apply and they are only available at lower loan to values so please call for more information.


Please note:  The down payment cannot come from the property seller.
To learn more about this type of mortgage please choose one of the following: