No Documentation Mortgage Loans, anyone here use one ever?

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.

MC Wiggles

10+ Year Member
5+ Year Member
Jan 14, 2006
Reaction score
Just curious if any students here have ever used a no doc loan for the purchase of a house/townhouse/or condo? If so, how frustrating was the process and would you recommend it to others who don't have a cosigner? What was your down payment, credit score, etc? Thanks for any insight.


New Member
10+ Year Member
Dec 1, 2005
Reaction score
No doc loans are the way to go if you can get one. The very nature of these deals is that they ask for less verification than your average loan cutting down on the frustration. Although I think the mortgage process is frustrating regardless (I've been though it a few times myself and I currently work for a big lender). No doc loans are generally reserved for borrowers with over 700 credit scores, loan amounts under $250k, at least 6 mo. payments in reserves, and stable employment history. If you have a non-occupant co-borrower you may not qualify for the no doc program. The company I work for is AAA paper so I think our guidelines may be a bit more strict than most, but if you fit the profile above a no doc deal should not be a problem anywhere.


I used a no-doc loan to buy my house in '05. It was a pretty easy process once I found a mortgage that had a reasonable interest rate. I'm not sure how important shopping around is with a traditional mortgage, but with the no-doc I found interest rates varied up to three percent between different companies even if the rest of the deal (points, down payment, my credit, etc.) was exactly the same. So, if you have amazing credit and a little time on your hands to shop for the best deal, go for it.

BTW: I agree with everything golddigger said except that you need a stable employment history. I moved around like mad in the years before I bought my house and it didn't affect my mortgage.
This thread is more than 15 years old.

Your message may be considered spam for the following reasons:

  1. Your new thread title is very short, and likely is unhelpful.
  2. Your reply is very short and likely does not add anything to the thread.
  3. Your reply is very long and likely does not add anything to the thread.
  4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
  5. Your message is mostly quotes or spoilers.
  6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
  7. This thread is locked.