No income /No asset on Primary/second homes
DDA Mortgage • June 6, 2022
No Doc Home Loans | No Income & No Asset Mortgages
If you don't want to share your tax returns or document your income, job, and assets, don't worry. You can still own a home with a no-doc loan.
What is a no-doc loan?
The no doc loan is a type of mortgage that allows borrowers to get a mortgage with little or no documentation. This means that you don't need to document your job, your income, or your assets.
What you do need is two things:
- You need to have a down payment of 20% or more
- You need to have a credit score of over 640
Your rates will be higher than those on conventional loans because the lender has less information about you and what they're risking if they approve your application. The interest rate on a no doc loan is usually a point or higher than on a traditional loan.
Who would want a no-doc loan?
If you live in the north and are thinking of moving to Florida before you get a job, this might be the best loan for you!
The no-doc loan is a great product individuals who are in-between jobs, for the self-employed or 1099 employees with less than 2 years employment, and those who may have a difficult time showing regular income. This is also a great product for investors who may have multiple properties or other assets and regularly reinvest.
If you think a no-doc mortgage is right for you, give us a call (727) 784-5555. We will crunch the numbers for you and determine what loan type might be best for you.
Or, connect with us by completing the form below.
No Doc Loan Inquiry
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Are you a salaried employee, hourly, self-employed, or a contractor? Do you receive bonuses, commissions, or overtime? How consistent is that income? Can you provide recent pay stubs, W-2s, or tax returns? Self-Employment (if applicable): How long have you been self-employed? Can you provide two years of business tax returns and profit/loss statements? 🔹 Funds to Close Questions Lenders want to confirm you have enough money to cover the down payment, closing costs, and reserves. Questions may include: Source of Funds: How much money do you have saved for the down payment and closing costs? Where are these funds coming from (savings, checking, retirement account, gift, etc.)? Are you receiving any gift funds? If so, from whom? Asset Documentation: Can you provide bank statements from the past 2–3 months? Are there any large or unusual deposits? Can you explain them? Reserves: Do you have additional savings left after closing (reserves)? Can you show evidence of other assets (stocks, bonds, retirement)? tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
Yes, the reverse mortgage market is projected to experience growth in 2025. Analyses indicate that the market size will increase from $1.79 billion in 2024 to $1.92 billion in 2025, reflecting a compound annual growth rate ( A reverse mortgage can be a useful financial tool for certain homeowners, especially older adults looking to access home equity without selling their home. Here are the key benefits of a reverse mortgage: 🏡 1. Access to Home Equity Without Selling You can tap into your home's equity and receive funds as a lump sum , monthly payments , or a line of credit , without having to sell your home or move out. 👴 2. No Monthly Mortgage Payments Unlike a traditional mortgage, you don’t make monthly payments . Instead, the loan is repaid when you sell the home, move out permanently, or pass away. 💵 3. Flexible Payout Options You can choose how to receive the funds: Lump sum Monthly payments (tenure or term) Line of credit Or a combination This flexibility helps match your financial needs. ✅ 4. Stays in Your Name You retain ownership of your home, and as long as you meet the loan requirements (like maintaining the home and paying property taxes/insurance), you can continue to live there. 🛡️ 5. Non-Recourse Loan You (or your heirs) will never owe more than the home is worth . If the home’s value drops below the loan balance, the FHA insurance (if it's a HECM—Home Equity Conversion Mortgage) covers the difference. 👨👩👧👦 6. Heirs Have Options When you pass away, your heirs can: Repay the loan and keep the home Sell the home and keep any remaining equity Walk away if the loan balance exceeds the home’s value 💰 7. Supplement Retirement Income Reverse mortgages can provide a source of income during retirement, helping cover expenses, delay Social Security, or preserve investments. Would you like a quick rundown of the downsides too, just so you have the full picture?
