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  • No Doc Loans, Streamline the process, Save the stress.
    The number of Stated Income and No Documentation loans (No Doc) have increased dramatically in the past few years. In some areas of the country, such as Washington D.C. or New York City, 75% of mortgage company loans are Stated Income or No Doc loans. This is because property values are so high, people could not qualify just on their verifiable income. Consider this. A townhouse in Washington D.C. may cost $700,000. How many individuals can afford that on salary alone? Other sources of income must be taken into consideration such as: retirement funds, stocks, bonds, bank statements, liquid assets, and more. The increase in the number of self-employed individuals, or people who combine jobs and self-employment is also on the rise. The result has been a strong infusion of Stated Income and No Doc loans into the mortgage industry.
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