When you are looking into in a mortgage, you need to understand the requirements that are necessary to fill in order to qualify for a particular type of loan. One type of loan that is available is a no doc mortgage loan. Here are the requirements that are necessary to fill in order to qualify for this type of loan.
The Score Requirement
In order for you to qualify for the no doc mortgage loan, you will have to have a score of 650. This score takes into consideration their passed experience with paying their debts on time and how many creditors and debts they actually have.
The Loan Amount Requirement
For a loan of this type, the initial amount needs to be from $100,000,000 – $200,000,000. These amounts are high, and the person that is in the market for them must consider their ability to pay them back in a timely manner in order to keep their credit rating in good standing.
The Down Payment Requirement
As with most types of loans, the no doc mortgage loan requires a down payment to qualify. The down payment required for this type of loan is 30%. This can be a very high amount considering the initial amount of the loan.
The Cash Out Refinance Requirement
Another requirement that must be considered when applying for the no doc mortgage loan is the cash out refinance requirement. Upon a cash out for refinance option, the borrower will receive 65% loan to value. This has to be taken into consideration when deciding whether this type of loan will work for a person’s future endeavors.