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A lot of my clients continue to ask me about no doc mortgage loans and whether they are still a viable option for potential homebuyers. The reality is that they are still available on the market but unless you have really great credit or an income that is disproportional to the value of the property you are buying then you are going to have a difficult time getting approved for a no doc mortgage.
The entire mortgage industry has contracted substantially ever since about two years ago when the credit crisis hit and the real estate market began to weaken. Mortgage loans in general have become increasingly more difficult to come across in general, and as a whole the entire lending industry has tightened their borrower requirements and have made borrowers improve their entire application to get approved for a loan.
No doc mortgages played a huge role in creating this credit crisis, and the lending industry responded by making these kinds of mortgages a lot more difficult to get if you are a borrower.
That being said, the no doc mortgage is still on the market and if you apply to the right lender you should still be able to get one if you have a good enough application. The no doc mortgage was designed to make applying for a mortgage easier for the right kind of applicants and while it was utilized for this reason by some borrowers and lenders, it was abused heavily by both parties as well over the past decade or so.The mobile home mortgage has not obeyed the same trend as the no doc mortgage over the past couple of years and has actually risen in popularity in many areas of the country. The mobile home mortgage is unlike the no doc mortgage in that it does require the appropriate documentation on the borrower's part before any transfer of funds is made, and there are typically few exceptions to this.
The mobile home mortgage is ideal for individuals who own a mobile home and do not travel on a regular basis with their mobile home. Most lenders that provide mobile home mortgages require that the mobile home is grounded before they will consider such an applicant, and in the end as long as you can supply the lender with a good credit score, a good income, and a down payment you should have no trouble getting a mobile home mortgage so hang in there. Find More The Mobile Home Mortgage and The No Doc Mortgage Issues
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