One of the financial opportunities that homeowners enjoy is the ability to tap into their property’s equity for funds. For most homeowners, the most popular and beneficial use of such equity cash-outs is for a debt consolidation. Homeowners seeking to consolidate debt normally have four basic mortgage instruments available: 1. Home Equity Loan 2. 125% [...]
As with the NIV loan, the No Doc program is more risky for the lender than standard “Full Documentation” loans, because the income calculation provides the lender with a statistical analysis of the borrower’s ability to repay the loan. Moreover, undocumented assets could come from borrowed funds—so the borrower’s actual debt load is even higher. [...]
As with the no income verification loan, the No Doc program is ideal for self-employed applicants and for borrowers who have unstable income, such as commissioned employees, recently employed borrowers and applicants who receive a large amount of cash (undocumented) income. However, the No Doc program is also used by salaried borrowers who cannot qualify [...]
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