Mortgages Unlimited, Minnesota, Wisconsin, and South Dakota
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Can you get a NO Documentation Mortgage Loan? NINA, SIVA, SISA, Stated Income, No Doc

Sadly, you are pretty much out of luck these days unless you are:

1) Getting an Investment Property Loan
2) Have excellent credit and a huge down payment (30% or more)
3) Are willing to pay huge up-front costs, high interest rates, and take crappy terms from "hard money lenders"

If you were looking for a "no doc" loan in MN, WI, and SD, can you still get a mortgage loan? Maybe, but not without fully documenting your ability to repay your loan.

We do NOT currently offer any sort of mortgage loan where you don't fully prove your income.

But, don't give up just yet. A lot of people who think they need a no doc loan can actually still qualify when fully documenting their income. If you think this is you, just call us directly at (651) 552-3681, or fill out an online mortgage application for prompt review.


History of NO DOC Loans

"NO DOC" loans had been around for years, and served a niche market for the self-employed, commission, and tipped income home owners. Because of their additional risk, they came with higher interest rates, bigger down payments, and generally were only available to self-employed people with a minimum of 2-years provable self-employment history and trouble documenting their true income.

As the home loan markets changed through the early 2000's, these loans grew in popularity, especially once Wall Street introduced new no doc, stated income, stated assets, no job, and other ridiculous variations with underwriting guidelines so silly almost anyone could qualify for a home loan.

These new variations turned a great niche mortgage program into what became commonly known as liar loans. This was because because both home buyers were easily allowed to misrepresent the borrowers true circumstances, and Loan officers were more than happy to look the other way to close a loan. They were highly abused by consumers, and bad loan officers everywhere, as people realized they could easily get a loan they either should not be getting at all, or more commonly, to get a bigger loan than they normally would have received, or receive at all.

These liar loans were some of the first casualties of the mortgage market meltdown, as many of these customers were some of the very first people to end up in foreclosure. Gee, go figure...  Lenders everywhere quickly pulled them from their product lines, and Washington politicians went crazy throwing up numerous rules and regulations that essentially makes these loans now impossible, or now ban them completely.

Unfortunately, the self-employed, commissions, and tipped income people who truly need and benefited from stated income, no documentation (NO DOC, NINA, NIVA, NISA, SISA) type loans are now without loan options. The old saying, one bad apple spoils the whole bunch... In this case, it was a whole bunch of bad apples that spoiled it for the one who really needs it.

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33 Wentworth Ave E - Suite 290
St Paul, MN 55118

(651) 552-3681  

Member in Good Standings, National Association of Mortgage Brokers Read our weekly Mortgage Market review Member in Good Standings, Minnesota Mortgage Association

Our services available only for properties located in Minnesota, Wisconsin, and South Dakota. PLEASE DO NOT KEEP US A SECRET from your FRIENDS. Licensed as Mortgages Unlimited, Inc. Nationwide Mortgage License # 225504. Joe Metzler NMLS Originator Lic # 274132. As a Lenders One partner, we are one of the largest  Retail Mortgage Originators in the country. We are consistently ranked as one of the top mortgage lenders in Minnesota by Minneapolis St Paul Business Journal. Any use or duplication of any materials is  strictly prohibited.  All images, text, and materials Copyright 1998-2014 Joe Metzler. This is the private web site of Joe Metzler, NMLS #274132. All Rights Reserved.