Tag Archives: Will the “no doc” loan return?

Will the “no doc” loan return?

The “no doc” or no-income-documentation loan was a type of mortgage that required little or no income verification. This loan was put together on behalf of self-employed or commission workers who tend to write off expenses or who use different taxes breaks to lower their income to pay less in income taxes. The way the loan worked, you would state what your income was but it was not verified. So if you said that you made $10,000 gross per month, that is the amount that was used to see if you could be approved for the mortgage. Typically, you would …

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