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Low-Doc & Credit Impaired Loans | |
A low documentation (or no documentation) loan is suited to investors or self-employed borrowers who do not meet the ‘standard’ lending criteria. This may include; those with an impaired credit history, those who are unable to provide the required documentation in support of their loan application, or those who wish to borrow more than 100% of the property value.
Advantages:
- Simple income declaration form.
- No tax returns.
- No financial statements.
- Can have features such as redraw, line of credit, variable or fixed rates, principal and interest or interest only.
Disadvantages:
- Generally a higher interest rate.
COPYRIGHT 2009. Mortgage Asset Management Group