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re: no doc loans

looking for no doc loan hubby and i have good/great credit but dont show alot of money on tax returns.  we are self employed for 15 years. just sold our big house and looking to down size having trouble finding a loan. first house was no doc so was second dont think anything but a no doc would help us.  help!
  • July 21 2010 - Hamilton Township
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Answers (8)

Jane girl,
There still are no doc loans out there for self employed people who take all the deductions they can on their tax returns. You need to put at least 40% down and excellent credit.
Also for those 62+, they can use a reverse mortgage for a purchase. No income or credit is used. You still need to make a large down payment.
The third way is using your securities or pension funds for a mortgage.
You can contact me if you need help
  • August 01 2010
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Jane girl, did you have any profit from the sale? Regards,
  • July 21 2010
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also what else do you see as far as a loan for us ...are you saying if we dont show in tax returns we cant get one?
  • July 21 2010
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can i use the business as asset since we do own it no loans?
  • July 21 2010
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If you find a willing and able seller - a seller held 2nd mortgage is becoming a more frequent solution to the problem.  

No Doc Loans as we used to know them will hopefully never be back, but some variation will more than likely become available.
  • July 21 2010
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Hard Money loans are Asset based loans that do not look at Income, most require 35% down and start over 10 % with points

I have used them for some short term needs in the past
  • July 21 2010
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what are they dont understand hard money /private money?
  • July 21 2010
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I am also a big fan of no doc loans and have Customers in need, Right now all I can find is Private money / Hard Money
  • July 21 2010
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