No Income Documentation Loans
A great way for self-employed borrowers to bypass the red tape of coventional lending.
A No Income Documentation Loan (NIDL or "No Doc Loan") is a type of mortgage where the borrower doesn't need to provide the traditional paper trail banks require such as W2's, pay stubs, or tax returns. This enables self-employed borrowers to access home loans, even if their taxes don’t reflect their full income. Instead, this loan focuses on the clients' assets (retirement accounts, CDs, investments).
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Apart from a hard money loan (which is solely asset-based), a No Doc Loan is the lowest hassle loan on the market. Call our NW Alternative Mortgage team to find out if an NIDL is the best loan option for you!
No Income Documentation (NIDL) Loan Features
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Loans up to $3 million
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No tax returns are required
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Loans for Primary or Secondary Residences only
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Assets must be seasoned (have been in borrowers account) for at least 30 days
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Cash-Out Refinances available with a maximum LTV of 70%​
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740+ FICO enables a 20% down payment on purchase or up to 80% LTV on refinance. All you need is 12 months of the mortgage payments held by the borrower in a bank account, CD, retirement account, or stock account.
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680 to 739 FICO enables a 20% down payment on purchase or up to 80% LTV on refinance. All you need is 18 months of the mortgage payments held by the borrower in a bank account, CD, retirement account, or stock account.
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640 to 679 FICO enables a 35% down payment on purchase or up to 65% LTV on refinance. All you need is 24 months of the mortgage payments held by the borrower in a bank account, CD, retirement account, or stock account.​
Conventional vs No Income Documentation Loans
NOTE: It's important to note that the specifics of conventional Non-QM mortgage loans can vary depending on many factors. This chart provides a general overview of the key differences between the two types of loans. Contact us at 503-343-7999 to learn more about the lending solutions we offer!
Other Loans We Offer
Asset Utilization Loans:
A great option for high-net-worth investors and borrowers who are looking to use their assets instead of income to qualify for a mortgage.
Bank Statement Loans:
A bank statement loan allows investors to verify their income using bank statements instead of tax returns.
DSCR Loans
A DSCR loan is often a great option for real estate investors looking to purchase or those who own long-term rental properties.
Contact Us
Lending Office
17125 Boones Ferry Rd, Lake Oswego, OR 97035
Phone
Direct Line: 503-343-7999
Office Hours
Mon - Fri
9:00 am – 5:00 pm