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No doc mortgage, also known as low doc, no- income-verification, or stated-income mortgage is a type of private money loan program in which the borrower is not required to submit tax returns or verification of income. <\/b><\/p>
Instead, these loan programs are approved based on an agreement from the lender that the borrower can repay the loan in the future.<\/b><\/p>\n
Because income is not easily verifiable, it is common for people (including self-employed borrowers) who do not have a regular income to choose to go for this type of mortgage. <\/b><\/p>
Although this type of mortgage is risky, there are generally no regulations and the borrowers have to pay higher down payments compared to a traditional mortgage.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t