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A no-doc mortgage offers a way to get a home loan without some of the income and employment verification paperwork lenders traditionally require, like W-2s and pay stubs. Post Great Recession, no ...
For this reason most no doc loans are for business purposes or are for investment in something other than residential property. Private money is the main source of no doc loans, often with interest rates charged at 2% to 6% per month (24% to 72% p.a.). Non-conforming lenders focus on the lower risk no doc loans and offer more competitive ...
A stated income loan is a mortgage where the lender does not verify the borrower's income by looking at their pay stubs, W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word. These loans are sometimes called liar loans or liar's loans. [1]
It backs up your promise to pay the loan if your business can’t. Tax returns: Few lenders will ask for these unless you have an unusual financial situation. But it doesn’t hurt to have them handy.
No income, no asset (NINA) [1] is a term used in the United States mortgage industry to describe one of many documentation types which lenders may allow when underwriting a mortgage. A loan issued under such circumstances may be referred to as a NINA loan or NINJA loan .
SBA loans: You can get a variety of unsecured and secured loans through the Small Business Administration to use for working capital, equipment, construction projects and more.
In many cases, LLC loans will require the same documentation as other business loans. Your LLC’s required documents will vary depending on your lender — traditional lenders often have more ...
In the United States, full documentation loan refers to a loan where all income and assets are documented. [1] It is typically referred to as a "full doc" loan in the mortgage industry and is a common type of loan used for financing a home purchase.
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