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Low And No Documentation Loans

You probably have seen the television commercial: the loan officer comes into the room with a stack of papers for the mortgage seekers and promises to return later to see how they are doing. Intimidated by the paperwork, the couple splits the scene and upon returning the loan officer realizes he lost another customer to the competition.

Although there are some exaggerations being made in the commercial, there is one evident truth that rings loudest: nobody likes to fill out a lot of paperwork! Low and no documentation loans are similar to what customers want and these types of mortgage loans could be something that appeals to you. If you want to cut back on the paperwork, then please read on for more information about low or no documentation loans.

If you are self employed, work seasonally, or you live on a commissions based salary, then you certainly are not the typical loan borrower out there. No worries, but not all lenders fit the typical mold either. If your income isn't easily confirmable, then a low or no documentation loan could be right for you.

A low or no documentation loan works like this:

If you have at least 20% of the purchase price available for a down payment, then you could qualify for a low or no documentation loan.

Very little, if any, paperwork is required to close on your loan.

In some cases there is no need to verify your assets.

A low or no documentation loan could be right for the following types of people:

You are self employed, operating your own business, and documenting income isn't so cut and dry. You could be an LLC whereby you take disbursements to cover your expenses, not drawing a salary whatsoever.

You are a salesperson and your salary fluctuates all over the place. Some months are better than others, some years you do real well while in other years you do so-so. Regardless, you believe that you have the funds to swing a loan.

You are a seasonal worker who makes a killing in New England in the summer and a killing in Florida during the winter months. In between, you have long stretches of down time, but overall your income is sufficient.

If any of these types of people sound like you, then a low or no documentation loan could be the answer to your mortgage query. Search online or via the yellow pages to find a low or no documentation loan company that is right for you.