No Documentation Mortgage

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No Documentation Mortgage

A mortgage in which the income and assets of the borrower are not verified. While the borrower generally still passes a credit check, this is still extremely high risk for the lender. However, it can be useful for the borrower, for example, if he/she is moving to a new country and has no income history there.
References in periodicals archive ?
Because of its simplified process and one-page application -- which does not ask for personal income, employment or asset information - a No Doc mortgage is often highly attractive for small business owners, self-employed persons, and people who have a limited credit history.
No Doc mortgage lending extends home ownership opportunities to thousands of working families who would find it difficult, if not impossible, to qualify under traditional mortgage loan guidelines.
Explaining GreenPoint's strategy, Johnson said: "Our expansion will allow GreenPoint to capitalize on our No Doc mortgage leadership position -- and the tremendous potential for this product - in the area.
Because of its simplified process and one-page application - which does not ask for personal income, employment or asset information a No Doc mortgage is often highly attractive for small business owners, self-employed persons and people who are foreign born and may, therefore, have a limited credit history.
Announcement of the new No Doc mortgage office for San Jose was made by Thomas S.