For a traditional mortgage, you must provide adequate documentation of your income, such as W-2 forms, check stubs, bank statements and more. No income verification, or no doc, loans are those that don't require full income documentation to get approved. They typically have higher interest rates because they pose more risk to the lender.
Because Downs Financial, Inc. is a direct lender, however, we can analyze your current situation and come up with a no income verification loan that fits your individual needs. We don't just look at what's on paper. We always take job changes, family changes, and other factors into account to work in your favor when we can.
Typically, there are several different ways to fund a no doc loan. Sometimes we will ask you to provide bank statements only to prove income. However, for the self-employed, this may be difficult if the statements fluctuate from year to year or are tied up in business-related investments.
Second, you can provide no bank statements and just proof of assets as collateral for your loan. Assets are things that you own and things that make money for you, which can be shown on documents like investment portfolios or business income statements. Last, you can sign a stated document of your income and assets with no proof or documentation of any kind. These are typically the riskiest for the lender and come with higher rates as a rule. Whatever your decision, Downs Financial, Inc. can fund most no doc loans in a number of ways, so we should be able to provide a loan that meets your individual financial needs. Call us at 1-866-745-5989 so we can get your loan started today.