#1 Newburyport Real Estate Resource
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Phone: 978.499.8808
Two Convenient Locations:
In Newburyport, MA
At the Tannery
50 Water St
978-499-8808
In Amesbury, MA
On the Powow River
26 Millyard
978-388-0021
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The Cronin Team: Your Mortgage Guide
Easy-Qualifier Loans - Q & A
Q: What are no-doc loans?
A: "No-doc" loans are mortgages for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more.
These mortgages are common among self-employed people who say they earn a certain amount of money but whose tax returns show that their earnings are much lower.
Resources:
* "How to Shop for a Mortgage," Mortgage Bankers Association of America, 1125 15th St., N.W., Washington, DC 20005; call (202) 861-6500.
Q: Can someone who is unemployed get a loan?
A: Generally, lenders will not make loans to unemployed persons because someone without an income would seemingly have no way of making monthly mortgage payments.
However, there are home loans for which lenders require very little loan documentation as long as the borrower puts down a sizable down payment, generally 25 percent or more. These "no-doc" loans are common among self-employed people who say they earn a certain amount of money but whose income tax returns show that their earnings are much lower.
Borrowers should check directly with lenders when seeking a no-doc loan. If specific lenders do not offer them, ask for a referral.
