Does anyone habe any information on no doc loans

Question

Need any information on no doc loans. Need a hard money lender that just wants cash and credit

Andrew Postell · Answer

@Charles Adams if you are looking for a Hard Money lender then just post on that.  "No Document" loans just don't exist anymore.  You're going to need SOME type of documents whether it's a Driver's License or something.  It is possible to find a "flexible" lender but lenders are very regulated...even hard money lenders.  Just expect something to be shown from you.  Try posting in the New York forum (if that's the state the property is in) and give a little more details and that should at least provide you with some more suggestions.  Good luck!

Stephanie Medellin · Answer

@Charles Adams  No doc loans, as in no income documentation loans, do exist for rental properties.  These are loans that don't even calculate DSCR, so you don't need any specific amount of rental income coming in.  The property usually has to be in good shape though.

"No doc" does not mean "no down payment" - you'll still need a decent down payment of at least 20% to get one of these loans.

No doc does not exist for owner occupant loans.  You have to show some sort of ability to repay the loan, although I am seeing more lenient interpretations of this rule with new loan programs coming out.

Is this for a rental property?

William Leonard · Answer

Longhorn Investments. Just closed on a deal with them, cannot recommend enough.

Stephanie P. · Answer

What do you need to know?

Andrew Postell · Answer

@Charles Adams having no income is actually ok.  As mentioned above there are loans out there that can based the loan on the income of the property or use some other qualifying item rather than just your income.  But you will still need to show your bank statements for assets, Driver's License, etc.  Sorry if I wasn't clear about that earlier.

Charles Adams · Answer

@Stephanie Irto thanks a lot

Charles Adams · Answer

@Andrew Postell thanks for your response. But I have license great score just made my business right on paper. This year would be my first doin my business taxes

Justin Kane · Answer

there are plenty of non doc loans out there. just have to search. but you need to identify what youre trying to accomplish and find the best money for that pathway and exit strategy

Does anyone habe any information on no doc loans

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