Are you having trouble getting the right rental property loan for you? Do you struggle to prove your income or employment because you are self employed, an independent contractor, or work for tips? This can make it very hard to get the rental property loan you need and that is why you need to know about no doc rental property loans. Here is what you need to know.
First, getting a rental property loan without proving your income or employment will cost you a little bit more in the long run, but it will be worth it. If you are a tipped employee, self employed, or an independent contractor this might be the only way you can get the property loan you need to either purchase or refinance your home. Yes, your interest rate will be a bit higher, but it might be the only way you can get a property loan.
Second, not having to prove your income or your employment can be much quicker than a conventional property loan. There will not be delays due to paperwork that is out of your control. The loan company could even have you approved in a day or two. Then, it is just onto an agreement and closing the loan.
Generally, No doc rental property loans are for specific situations and are not for those that have a solid work history and income. If you cannot qualify for a conventional loan because your debt to income ratio is too high, then you should not consider a no doc mortgage. It would be a bad decision for this situation.
Use no doc rental property loans wisely and you can get you to where you want to go with your mortgage or rental property investment. Do not use this type of mortgage if you can qualify for a conventional loan or do not need to. This type of property loan is for specific situations that have trouble proving all the income they make or where they actually work. Keep this in mind.