No Documentation Mortgage - No Doc

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Dictionary Says

Definition of 'No Documentation Mortgage - No Doc'

A type of reduced-documentation-required mortgage program in which income and assets aren't disclosed on the loan application and employment isn't verified. However, a credit check is typically required as lenders are counting on the fact that the borrower has a good credit history. No doc mortgages usually fall into the Alt-A classification, and tend to carry a higher interest rate and require a higher down-payment than a prime mortgage.
Investopedia Says

Investopedia explains 'No Documentation Mortgage - No Doc'

In some circumstances, borrowers may be enticed to use a no doc mortgage in order to obtain a mortgage they wouldn't otherwise be able to afford. A borrower should not be persuaded by a lender or mortgage broker to use a no doc mortgage when a more traditional mortgage is reasonably available at a lower interest rate.

A possible use of a no doc mortgage is by a business person who is moving a business from one community to another and has no income or assets that can be documented or verified.
Search results for

'No Documentation Mortgage (No Doc)'

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    ... your last mortgage during a housing bubble, where no-doc loans were commonplace,
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  • 6 Questions To Ask Before You Refinance

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    ... last mortgage before the housing bubble, when no-doc loans were commonplace, you
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  • Is The Housing Bubble Over? - Investopedia.com

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    ... raised to $1.8 trillion of mortgage backed securities ... were all the rage, requiring
    no proof of ... institutions are requiring complete documentation, stellar credit ...

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