"NO DOC" MORTGAGE

A "no-doc" mortgage is a mortgage loan that a bank makes to a borrower with  no documentation.  It is like a signature loan for a home and requires top tier credit scores (usually 680 or above) and a significant down payment (10-20%). 

In exchange for not having to give documentation to the bank, the borrower must pay higher fees and a higher rate to compensate the bank for the added risk of not verifying the borrowers income or assets.

These are often used by self employed borrowers - many of whom cannot qualify traditionally due to low net earnings reported to the IRS.  They are also used by investors who cannot qualify due to insufficient income and can result in a financial strain to the borrower if not properly planned for.

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