What is No-Documentation loan?
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rossy
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Joined: 02 Aug 2006
Posts: 3
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 Posted: 10/19/08 - 04:49 Post subject: |
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| In the search for a mortgage that is right for me, I saw many useful and shady websites alike, and on one of those I came across a type of mortgage which they referred to as a No-Documentation loan. What is that? I did not take time to read on at the time, but I would like to know. Can you clarify? |
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ibby
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Joined: 07 Feb 2005
Posts: 4
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| Posted: 11/17/08 - 22:09 Post subject: |
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| No-Documentation loans are mortgages for people who have incomes that are hard to prove. We are talking about free lancers, people with their own companies, or perhaps those who do cash in hand jobs. These No-Documentation loans are often provided by the "less reputable" mortgage lenders, or by private mortgage lenders. |
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