No doc loans for house with high equity?

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dm200
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Joined: Mon Feb 26, 2007 2:21 pm
Location: Washington DC area

No doc loans for house with high equity?

Post by dm200 » Sat Jan 13, 2018 12:43 pm

Do these low or no doc 1st and/or second mortgages exist where the equity of the house is 75% or more of value?

afan
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Joined: Sun Jul 25, 2010 4:01 pm

Re: No doc loans for house with high equity?

Post by afan » Sat Jan 13, 2018 3:06 pm

I think the financial crisis made no doc loans a lot less popular with banks. Interest rates are higher. Why would you want one? You can almost certainly get a better deal if you apply for a conventional loan.

When we last refinanced they waived the appraisal because the loan was small compared to the equity. But we did the traditional documentation of ability to pay.
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