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True no doc loans (NUDE loans) - What are they?
"Doc" is an abbreviation for documentation. NUDE is an acronym
for No Underwriting Documentation
Expected. No doc loans
have no requirement for any income and or assets to be disclosed or
documented.
You're not required to even list an income amount, employer name or work
phone number on your application. Although very popular with self employed
borrowers, you do not have to be self employed to qualify.
Why people choose no doc loans
There are literally hundreds of reasons that someone may choose this
popular financing option. The common thread among them is choosing not to
disclose anything about their income and or assets. Over the years demand
for these loan types has risen sharply. To meet the demand lenders
created no doc loans.  Click
here to apply.
Why lenders make no doc
loans
They're still profitable. The decision to make any home loan is based on the risk. Home loan risk
is determined by scoring three loan qualities.
1. Collateral: Loan amount compared to homes value.
2. Credit: Your credit history and score.
3. Capacity: Ability to repay. Income vs. expenses.
You don't need a perfect score in all or any of the categories to qualify. Since you're not providing any income or asset
information at all, your capacity score wont be calculated. (documenting
assets sometimes can help) Having good credit or a good bit of equity will
help too. If you want 100% financing, your credit needs to be very good.
Generally, a credit score of around 620+ is required. If
you'd like to see multiple no doc loan quotes without any obligation or credit checkClick
here to apply.
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Characteristics of no doc loans
Income and or assets not disclosed
Income and or assets not documented
Credit scores of approximately 620+
Borrow up to 100% of homes value
Many loan programs to choose from
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Enter your loan requirements in our 60 second, no credit check
request form and ShopMyLoan.com will compare your needs with the
offerings of nearly 8,000 network members. Then, we'll provide you
with the top two. Click
here to apply.
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Why ShopMyLoan.com
ShopMyLoan.com provides consumers with an unbiased financial shopping
and research engine.
We provide access to a nationwide network of nearly 8,000 top lenders.
Mortgage, home equity, refinance, auto, personal, payday and business loan
lenders come and compete for your financing needs at ShopMyLoan.com.
Consumers find unbiased information about the no doc financial services currently
available in the marketplace, while lenders find borrowers that are highly
interested in the services that they provide. ShopMyLoan.com brings
borrowers together with the right lenders.
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