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Low-Doc or No-Doc Loan

okaythen said: "hello with the subprime crisis do they still give out Low-Doc or No-Doc Loans? anyone knows? which banks still give you those?"

ratAphooey said: "I bet these are harder than ever to get."

Airelon said: "I thought they were hit by a huge comet, and they went extinct? :)"

lil dickie said: "Imagine a "no doc" loan in this environment. I think these days are over."

okaythen said: "that sucks"

ratAphooey said: "A quick search at Google shows many places still offering no doc loans for the self employed."

Aligator said: "[QUOTE=okaythen;60677]that sucks[/QUOTE] Why? If you can't document your income then you probably haven't been paying taxes on it. Now, [I]that[/I] sucks! Those who have chosen to work and recieve compensation under the table have already shown their foolishness and willingness to ignore rules. Why would anyone be willing to loan them money? My daughter is a mortgage broker. She know one source of undocumented mortgage loans, but he requires 20% down, has very high late fees and will repo the house as soon as the law allows.......And if you have to borrow money from that guy you are in big financial trouble. You also have no brain.:laugh:"

Justin08 said: "I am a mortgage broker and these loans are absoutely still available. Just a little more expensive than before."

pranith said: "I think these banks are going to charge huge amount in the form of intrest rates."