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 [...]
Because of its NIV origins, the No Doc loan is also a non-conforming program. A non-conforming loan refers to any loans that are sold to the secondary mortgage market, but NOT through Fannie Mae, Freddie Mac and Ginnie Mae. Non-conforming loans are sold through more expensive private conduits because they do not satisfy or “conform” [...]
The NIV loan 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. Without the income qualification of Full Doc loans, lenders are assuming a higher level of risk. To offset these risks, NIV loans [...]
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