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Off set mortgages article
No Doc Mortgages - What Are They and Who Are They For?
Have you ever though about getting one of the many no doc mortgages that are out there? Do you know what you are getting and why lenders have these programs? There are a few types of people that these programs work very well for and there are some that they are just not right for. Here is the definition and who should be using no doc mortgages.
First, a no doc type of mortgage is one that does not require income documentation. There will still be a credit check and you off set mortgages better have either very good credit (at least a 650 FICO) or a lot of equity to work with and decent credit (at least a 580) or you will never get one of these loans. These are often referred to as stated income mortgages as well.
Second, these are for a few types of individuals. If you are a self employed individual that has trouble proving your real income, then this is your program. In fact, they started out for you. Also, if you earn tips as the majority of your income or are paid cash with no documentation, then these types of off set mortgages mortgages also work very well for you.
Third, if you work a job and have for quite some time or at least have been in the same field for a couple of years, and you get a normal paycheck, then it would be very bad for you to get talked into no doc mortgages. When a mortgage broker tries to use this type of program for you it is because you do not qualify for a normal program and you probably cannot really afford the mortgage.
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