How can I get a no doc mortgage? I have pretty bad scores.

Matt,I'm not exactly sure what you mean by a 'No Doc Mortgage', but I can tell you that there are programs for lower credit scores out there. I can actually do scores down to a 560, both for purchases or refinances. If you'd like to discuss more about what you are trying to do, feel free to give me a call here in Austin. I'd be more than happy to help.

Currently, unless you are doing a non-credit qualifying FHA streamline refinance , most lenders will require you to document your income and assets. Since the passage of the Dodd Frank Act, lender are required to prove that the borrowers have the capacity to repay the loan that they are signing for, precluding us from doing "No Doc" loans. Finally, while there are lenders who can work with lower credit scores, I have found that most people have a significant number of errors on their credit report. Its fairly easy to remove these errors, and small changes to your use of credit can drastically increase your credit score.

Matt, The only no document mortgages generally come on a streamline refinance for FHA or VA or same servicer on Freddie HARP loans. Rich is correct about lenders having to prove the borrower's ability to repay. No Doc loans are for not showing your income or assets. If your credit score is low then you can take a higher rate and show income and assets but you will not get the lowest rate. If you can wait and clean up your credit it may help you in the long run. This can be done for free by yourself by writing letters and paying down on bills that are current. If you would like to talk more let me know.Brad Cahoone - NMLS ID:184176 - Global Home Finance Inc. NMLS ID: 316441 phone: 972-724-3222 x 227 - bcahoone@globalhomefinance.com - http://globalhomefinance.com

The No Doc mortgages of old are gone unless you are streamlining an FHA mortgage. FHA does have programs for Low Scores typically down to a 580 and some lenders can go down to a 500 so check around.

The only mortgage that comes close to being "no-doc", is the reverse mortgage, for seniors over 62.

Sorry Matt, but for the most part the days of the " No Doc Mortgage" are pretty much gone. that was one of the contributing factors of the real estate melt down of recent. There may be someone out there who will do it but you will need very good credit scores.

The Financial Reform Bill HR4173 signed into law by President Obama on 8/1/10 outlaws stated income and no doc loans.Section 1411 reads:"'(4) INCOME VERIFICATION.-A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability, including expected income or assets, by reviewing the consumer's Internal Revenue Service Form W-2, tax returns, payroll receipts, financial institution records, or other third-party documents that provide reasonably reliable evidence of the consumer's income or assets..." For FHA or VA streamline transactions, you have proven your ability to pay by actually paying, so for those transactions, you might not have to show proof of income.. but your scenario really has nothing to do with stated or no doc loans.. you have bad credit.. and even if the no doc loan was still available, you had to have good credit to qualify.. for you.. you have a proven track record of not paying your bills on time.. you need to convince the lender otherwise, and the only way to do this is to improve your credit scores.. there are plenty of companies out there who will assist you, but do your due diligence.. there's a lot of scammers out there willing to take your money.. before dealing with any credit restoration company, you want to look them up on the Better Business Bureau's website to see if they are legitimate.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

The Financial Reform Bill HR4173 signed into law by President Obama on 8/1/10 outlaws stated income and no doc loans.Section 1411 reads:"'(4) INCOME VERIFICATION.-A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability, including expected income or assets, by reviewing the consumer's Internal Revenue Service Form W-2, tax returns, payroll receipts, financial institution records, or other third-party documents that provide reasonably reliable evidence of the consumer's income or assets..." For FHA or VA streamline transactions, you have proven your ability to pay by actually paying, so for those transactions, you might not have to show proof of income.. but your scenario really has nothing to do with stated or no doc loans.. you have bad credit.. and even if the no doc loan was still available, you had to have good credit to qualify.. for you.. you have a proven track record of not paying your bills on time.. you need to convince the lender otherwise, and the only way to do this is to improve your credit scores.. there are plenty of companies out there who will assist you, but do your due diligence.. there's a lot of scammers out there willing to take your money.. before dealing with any credit restoration company, you want to look them up on the Better Business Bureau's website to see if they are legitimate.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

They want good credits

There are no more "no doc" loans- You have to show your ability to repay- Work on rebuilding your credit ( typically 620+) will helpyou with a FHA mortgage-

If you are 62 or older, you can purchase using a reverse mortgage, credit scores are not relevant.

No doc, low doc, and stated income loans no longer exist. Loans for people with bad credit scores also don't exist.