– No Documentation Loan Options. No Doc Loans or no document loans provide increased ease and privacy for borrowers in who sometimes have difficulty documenting their income. No doc loans do not require borrowers to provide any income or very little asset documentation to qualify for a mortgage.
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The no doc mortgage does not exist in the same form that it had before 2008. Great recession-era reforms require lenders to make sure the borrower can afford to repay a mortgage.
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The no documentation mortgage (No Doc) has no supporting evidence of a borrower’s income. Instead, the loan realizes based on a declaration confirming the borrower can afford the loan payments. These.
A no-doc mortgage is an extinct mortgage product that does not require mortgage lenders to document the borrower’s income or assets. No-doc mortgages are illegal today because they violate the requirement that lenders must verify the borrower’s ability to repay before approving a mortgage.