Can someone please explain to me how these work?
I tried doing a search, but it's hard when the min search string lengh is 4 characters!
I tried doing a search, but it's hard when the min search string lengh is 4 characters!
Lo/No Doc Loans - Residential
- Thread starter Iggy_Type_R
- Start date
Hiya
Basically the lender accepts your word for it as to what you earn, by you signing a declaration.
Generally proof of income is not required.
Rates and fees tend to be a little higher that normal loans for the increased risk.
Reasonably, loan to valuation ratios go to 80 %, while there are products that go to 90 the rates are huuuge.
Ta
Rolf
Basically the lender accepts your word for it as to what you earn, by you signing a declaration.
Generally proof of income is not required.
Rates and fees tend to be a little higher that normal loans for the increased risk.
Reasonably, loan to valuation ratios go to 80 %, while there are products that go to 90 the rates are huuuge.
Ta
Rolf
Iggy
Here's a couple of links to give you a bit of an idea about what it's all about.
http://www.mortgagehouse.com.au/blemished.asp
http://www.pacificmortgage.com.au/NonConformingLoans.html
http://www.libertyfinancial.com.au/mediafiles/media020100a.asp
They give a good idea of how they work- but of course, being the people who sell the products, give only the good side of the story.
Here's a couple of links to give you a bit of an idea about what it's all about.
http://www.mortgagehouse.com.au/blemished.asp
http://www.pacificmortgage.com.au/NonConformingLoans.html
http://www.libertyfinancial.com.au/mediafiles/media020100a.asp
They give a good idea of how they work- but of course, being the people who sell the products, give only the good side of the story.
