Do no doc mortgage loans still exist for primary homes?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: Bank StatementsDo no doc mortgage loans still exist for primary homes?
Thomas Martin Staff asked 4 years ago

The answer is NO for primary home purchase. Nodoc mortgage lenders are not as easy to find as they once were, but you can still get a home loan if you’re self-employed or have a highly variable income by using your bank statements to verify your income. Ultimately, changes made in the realm of mortgage lending rules such as the Dodd-Frank which requires borrowers to prove the  Ability-to-Repay rule were necessary to not only protect investors but also mortgage applicants

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