No documentation / income verification programs are a simple solution in many situations. If you are self-employed, a small business owner, investor, or commissioned employee with a desire to purchase a property or refinance your current mortgage, we have numerous low / no-documentation loan programs available to you. Since these products are driven by credit score and real-estate collateral, we don't need the endless paperwork that's required by most banks. These programs are available for purchases, refinances, debt consolidation, and cash out refinancing. Below are some of the differences between our No Doc. Programs and your local bank.
The Alpha Lending Fast and Easy Program
| | Your Local Bank | {mosctext id=66} | | Big Down Payment | Required | Not Required | | Paystubs | Required | Not Required | | Tax Returns | Required | Not Required | | Perfect Credit | Required | Not Required | | Verification of Employment | Required | Not Required
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No Document Loans Fall Into Three Categories:
No Documentation
No Documentation Loans require no employment, income, or assets to be stated on your application. No information is verified beyond your credit profile and value of the property. Our lenders allow as little as a 5% down payment. If you have past credit issues you will need a slightly higher down payment but we can get the loan done. Rates are 1 to 1.5% higher than conventional financing and are available on both fixed rate and adjustable mortgages.
No Ratio
A No Ratio loan is a good choice as you do not state any income information and your rate will be less than for a No Documentation loan. Because we do not need income information, no debt ratios are calculated. We will verify employment and assets.
Stated Income
Stated income mortgages are the least expensive option. We verify employment and assets, income is stated on the application but not verified. Your stated income must be reasonable for your occupation and assets. Rates are usually only .50 above conventional rates.
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