No Doc Mortgages

• Requires less documentation
• Includes stated loans
• Includes no ratio loans
• Requires superior credit

No doc loans are essentially any type of loan the does not require you to provide the basic documents that are generally required to obtain a mortgage.  This can include: stated income / verified asset loans (SIVA), stated income / stated assets loans (SISA), no income / no asset loans (NINA) and no ratio loans. 

No Ratio Mortgages

• Lender will not ask for income
• Assets will be required
• Excellent credit profile required

No ratio loans are a great option for individual with a complex financial situation.  You do not state an income the lender simply will not even ask you what your income is.  The lender will require you to provide proof of assets.  This can work well for a business owner that does not have an easy way to provide proof of employment.  No ratio loans will often have a higher interest rate that a standard mortgage.  A no ratio loan will generally require you to have a solid credit profile.