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A No-Doc Mortgage requires no information
about your employment, your income, your assets, or the source
of funds for your down payment. It is the easiest mortgage in
the world! Apply now and let us guide you to the best no-doc
product for you! |
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Your credit,
property, and loan amount will determine the product selection
and pricing choices that are available. The guidelines below
provide a overall perspective on what is possible or not.
Please be aware that in some circumstances exceptions to these
guidelines can be made. Feel free to call or e-mail if you
have questions. We're easy to talk to!
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| Credit
& Property Restrictions |
| Credit History |
Trade lines on
Credit Report |
At a minimum you
are required to have 5 trade lines showing on your credit
report with a minimum of 24 months history each. These
accounts do not have to be currently open. |
| Bankruptcy |
A past bankruptcy is okay. It must be discharged 24
months. Credit must be reestablished since discharge
date. |
| Foreclosure |
Foreclosure must be
at least 36 months past. |
| Collections |
All collections and charge-offs must be at least 24
months old. |
| Housing History |
Rent History |
No late payments allowed in last 12 months. May be
verified with canceled checks, or written verification from
rental community or private landlord. |
| Mortgage |
No late payments in the last 24 months. |
| No History
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680 credit score: Okay to 95% LTV with no rent
or mortgage history. |
| 660 credit score: Okay to 90% LTV with no rent
or mortgage history. |
| 620 credit score: Okay to 75% LTV with no rent
or mortgage history. |
| Property Types |
Acceptable |
Single
family detached properties, attached properties such as
townhouses and villas, and condominiums are all
acceptable. |
| Not Acceptable |
Co-ops, mobile homes, manufactured housing, rural
properties over ten acres, and mixed use or mixed zoning
properties are not acceptable. |
| Let us
make it easy! Our No-Doc application is designed specifically
for our no-doc products and will allow us to determine
precisely what your no-doc choices are. Apply now and let us
guide you to the best no-doc product for
you! |
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Maximum Limits for all No-Doc Mortgage
Products |
| Minimum Credit Score: 620 |
Purchase |
Refinance No Cash Out |
Refinance Cash Out |
| Owner Occupied |
95% LTV to
$500,000 |
95% LTV to
$500,000 |
N/A |
| 75-90% LTV to
$650,000 |
75-90% LTV to
$650,000 |
75-90% LTV to
$650,000 |
| Max Cash Out
$150,000 |
| Second Home |
75% LTV to
$500,000 |
75% LTV to
$500,000 |
60% LTV to
$500,000 |
| Max Cash Out of $150,000 |
| Investor |
60% LTV to
$500,000 |
60% LTV to
$500,000 |
55% LTV to
$500,000 |
| Max Cash Out of
$150,000 | |
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Copyright ©
American Discount Lenders All Rights Reserved.
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