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No documentation loans are for those homebuyers that do not have enough verifiable income to get a standard home loan. With good credit no doc home loans or stated income mortgage loans are very useful for the self-employed although you do not need to be self employed to apply for this type of loan program.
No doc refinance loans or stated income mortgage loans are the most commonly used and least expensive product in the reduced or no doc suite of programs.
Stated income or no doc loans are often the perfect choice if you have verifiable employment (self employment is fine) and assets but your verifiable income is just a little low for what you want to do.
Stated income or no doc loans are available for Single Family, Townhouse, some manufactured housing, and low rise condos. Some no doc home loans or stated income mortgage loans allow high rise condos 2-4 unit buildings, second homes, or investment properties but are slightly more expensive or require more equity. Allowable uses are for purchase or rate and term refinance. The no doc loans will allow a "cash out" refinance but there are limitations on the allowable cash back.
No Doc Loans / Stated Income Home Loans
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90% LTV to $350,000 on purchase & rate/term refinance
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80% LTV to $450,000 on purchase rate/term refinance & cash-out
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80% LTV to $650,000 on purchase, rate/term & cash-out refinance
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80% LTV to $400,000 on purchase & rate/term refinance
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80% LTV to $500,000 on purchase & rate/term refinance
If you have no doc home loans or stated income mortgage loan questions just ask! You may contact Virginia Mortgage Bankers, LLC for your no doc or stated income loan questions by email, phone or by appointment in our office.
Start now by filling out our secure online application no doc or stated income loan application! Call us at (804) 282.8808, Monday through Friday from 9 a.m. to 5 p.m. Eastern time! | 