For the banks and mortgage lenders, no doc mortgage loans went to the wayside after the financial meltdown. Basically, no doc loans were part of their problem loans. Now, everything is full documentation. However there is a little known niche where these no doc mortgage loans are not only available but almost the norm in home loans.

1. No Doc Mortgage Loans, Are Lenders Still Offering Them?
I see home buyers searching for no doc mortgage loans every day at some of
my mortgage and financial websites. What prospective buyers don't know is
there still are no doc mortgage loans obtainable if you know where to search.
What bank or mortgage companies offer this type mortgage? The short answer
is none. After the financial crash, lenders slammed the door on these mortgage
loans. So exactly where are these no doc mortgage loans? In reality there are
hundreds of thousands, if not millions of lenders for these mortgages. What I'm
talking about is seller financing and it's amazingly easy to obtain.
So how do I know this? Because as a private mortgage buyer, I have a 'bird's
eye' view of the seller-financed mortgage loans that are in reality nearly always
no doc loans out in the market and countless of the loans provided by home
owners (and business owners) in order to sell a house are mind-boggling. Just
to name a few, zero interest on the loan (yes, I said zero), 3% interest, interest
only mortgage loans, and 90% of the time they don't ask for any income records,
hence the no doc loans.
So how does somebody wanting to buy a home find such loans? In reality, many
are easy to find but others require a small amount of work to locate. The easy
ones are either advertised as "seller financing available". For the others you can
go about finding them either through the property tax office or through a real
estate professional. You are looking for properties for sale where there is no
mortgage or only a small mortgage loan on the property. These are ideal
candidates for owner financing. Your property tax office can help you find these.
Finally, your odds of getting an owner financed loan will go up significantly if you
have at least a 10% down payment and the greater your down payment the
better the chances the seller may not demand to look at your credit report.
If your credit isn't very good, you may want to get your scores up to increase the
chances you will qualify for one of these private no doc loans. Raising your
credit scores isn't as hard as you think. Even 20 points can make a big
difference in what the seller is willing to give you in interest rate. There are
several e-books that can help you improve your credit but I recently discovered
a totally different approach. It's credit repair software and it's a lot faster, easier
and very user friendly.
No Doc Mortgage Loans After The Financial Debacle

2. Also, if you don't know your credit scores, it might be a good idea to find out
what your scores are as well as have a copy of your credit report in case you
are asked. If you feel your credit is sub-par, be sure and have a good story
ready in case you're asked about it.
So there you have it, just where to find those no doc mortgage loans to buy that
new home you've been dreaming of, without all the hassles of traditional full doc
mortgages.
No Doc Mortgage Loans After The Financial Debacle