Are there limited documentation (aka EZ doc, no income qualifier) loans available?
Yes there are many. They come in a variety of programs; some have self-employment, credit, equity or asset requirements. Boulevard Mortgage Company has a 5% down NO Doc loan where nothing redarding employment, income or assets are verified. A good thing to keep in mind is that the more you can verify, the lower the rate. Back to Top 20. Should I lock my interest rate at loan application or float the rate until closing? The answer depends on one’s outlook for interest rates, whether you are satisfied with the current rate being offered (and would not be deterred from proceeding if rates declined), how far out the closing date is and whether or not a rate increase could effect your ability to qualify for the loan. With a purchase, there is a contractual obligation to close on a specified date. Some lenders try to take the guess work out of the process by allowing borrowers to lock and then float the rate down one time during the loan process, typically a borrower is required to bring in
Yes there are many. They come in a variety of programs; some have self-employment, credit, equity or asset requirements so it may be advisable to have a loan consultant direct you to the appropriate product for your needs. There are also loans available to individuals who cannot verify either their income or assets (referred to as NINA loans). Keep in mind that these products can carry higher interest rates than that of a loan that is fully documented. A good rule to remember, the more documentation a borrower can provide for a lender, the lower the rate they will typically get.
