People which do not qualify for standard mortgage have an
option to apply for a low doc home loan. This type of loan
does not require proof of income and assets & liabilities
test. Persons applying simply state their income using self-
verification method.
Signed declaration of income, a letter from accountant or
existing property asset can be used to obtain low doc home
loans.
Usually, people with bad credit history, self-employed, casual
workers or people with equity in their existing property can
apply for low doc home loans. The interest rate and mortgage
insurance fees are higher than standard mortgage fees. It
is possible to borrow up to 80 percent of the purchase price
of the property.
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Now for Low Doc Loans