Should I go with a no doc loan?

[Skylar Mcgee]

I live in North Carolina and want to move to Arizona. I’ve been renting for the past 3 years and want to invest in a property. I received a sizable inheritance so the down payment wouldn’t be a problem. I’ve been unemployed for the last year so it’s making it tough to get a normal loan.

If I do get a no doc loan, could I refinance it into a normal loan with lower interest rates when I go back to work? If so how long would I have to wait to refi?

If no doc loans are no good, what are my other options?

[Steve Morris]

If I do get a no doc loan, could I refinance it into a normal loan with lower interest rates when I go back to work?

Probably, but you'd need to wait a few months.  I think No Doc is about it since your debt-income ratio is rather large currently.