What are no-doc loans?
By Colin Frangos, Friday, February 22, 2008."No-doc" loans are mortgages for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more.
These mortgages are common among self-employed people who say they earn a certain amount of money but whose tax returns show that their earnings are much lower.
Resources:
"How to Shop for a Mortgage," Mortgage Bankers Association of America, 1919 Pennsylvania Ave. N.W., Washington, DC 20006-3404; call (202) 557-2700; mbaa.org.
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