My No Doc Jumbo Loans Blog

Private jumbo mortgages can be a great alternative to traditional jumbo mortgages. The advantages to a good no doc jumbo mortgage program is a) A lot less hassle to get, b) Virtually no documentation except for proof of the required deposit, and c) A non-invasive jumbo loan, d) None of those stringent debt ratios which could keep you from buying that dream home. The disadvantages are usually 1) A bit higher rate, and 2) Discount points. So it’s best to weigh the pluses and minuses before you apply.

In short, No. When the mortgage and housing market collapsed, banks and the big mortgage companies (those still standing) completely eliminated no income verification mortgages and in particular no income verification jumbo loans. The only place to get such a loan is either through seller financing (sellers rarely verify income) or through private jumbo financing such as our programs.

A stated income jumbo loan is NOT the same as a no credit check jumbo loan. Usually, the difference is for a stated income mortgage loan, credit is not only checked to see if the borrower qualifies for the program but credit is THE main qualifier used. On no credit check jumbo loans, there is NO credit check at all. The primary qualifier is proof of the down payment. Also for our no doc mortgage program, there is no seasoning on the down payment required.

I get this question a lot so I thought I would post it to my blog to help home buyers and home owners better understand this difference. Basically stated income jumbo loans are the same as traditional jumbo home loans except the home buyer/borrower is “stating” their income whereas a No doc jumbo loans have no income provided at all. Also on stated jumbo mortgages, the borrower usually has to show all their assets and no doc jumbo mortgage borrowers provides no documentation except to show they have the required down payment money.

Sub-prime jumbo loans experienced the same firey death as regular sub-prime loans. When the financial and real estate markets crashed because of all the exotic mortgage loans and related financial instruments containing these and other high risk loans crashed, the world of mortgages changed forever. Fortunately, there are a very few private sub-prime jumbo loans if you have 15% to put down. There are even sub-prime commercial loans if you have 20% to put down. So gather your down payments needed for jumbo sub-prime mortgages and get going.

It’s interesting how people online search for stated or no doc jumbo mortgages. While both jumbo loan programs are similar, there are some differences. Our program is as close to a no doc jumbo loan program as you get since the only document required is a bank statement proving that you have the down payment. Stated income jumbo loans (not what we offer) can actually have numerous documents including credit report, multiple bank statements, a balance sheet and even proof of self employment. So don’t make the mistake many people make and assume these programs are essentially the same. They are not.

Just wanted to quickly tell everyone about this private no doc jumbo mortgages program. It fills a huge void in the housing and mortgage market. It is a Truu No Doc (not even a credit pull) program for residential and commercial property loans nationwide for $500,000 and up. Check out this true no doc jumbo loans program on our home page.