How to Obtain a Home Loan Without Adequate Financial Statements?

Decoding Low Doc Home Loans

Low doc home loans (also known as low documentation loans) are a very flexible lending solution for self-employed people, property investors, people who do not work regular jobs or for new families who have just moved to the country. This loan type has taken off in recent years to assist people who have been rejected by mainstream lenders/credit providers Fisher.

Suitability of the Loan Package

Low doc home loans have allowed thousands of home buyers to access a home loan. This loan is specifically suitable for people who have assets as well as income, but cannot provide adequate financial statement or tax return as documented evidence of income. Here is a list of people who are suitable for the loan:

>> Self-employed people who may only pay themselves a standard wage and run their business in a way that means they fall into a lower tax bracket to avoid income tax

>> Property investors who may have varied income from month to month and from year to year

>> Contractors and seasoned workers who don’t work regular jobs, and

>> New families who have just moved to the country and may not have pay-slips or tax returns from the work they have been doing since they arrived

Income Verification Process

A low doc home loan enables you to self-certify your income, where you state your income (what you make) on a “Declaration” document and, the lender/credit provider will NOT verify your income by using masses of documentation otherwise required such as tax returns, BAS statements and more.


The conditions for low doc home loans are more restrictive than standard residential loans as they provide a higher level of risk to the lender/credit provider, for example:

>> You cannot borrow more than 80% of the value of the security property, and

>> Any low doc home loan with a loan-to-value ratio (LVR) higher than 60% will incur a lenders mortgage insurance (LMI) premium

Factors Considered by Lenders/Credit Providers when Determining the Interest Rate for Low Doc Home Loans

Here is a list of factors that lenders/credit providers consider when determining the interest rates:

>> At least 20% deposit (you do not have to show evidence of savings)

>> Nature of and the security property type

>> Client credit history

>> Loan size amount

>> Aggregate of total exposure to the lender/credit provider

>> If self-employed, the period the client has been in business

>> Age of borrowers, and

>> The purpose of seeking finance

Seek Expert and Professional Advice

Before you start the process of obtaining loans on your own, you should first seek the expert assistance of a professionally qualified finance broker who specialises in low doc home loans. Having a specialist finance broker on your side will save you lots of time and heartache. The finance broker will negotiate on your behalf with specialised lenders/credit providers to secure your eligibility for the loan not to mention get you the best deal.

Truly, having a specialist finance broker on your side will make getting a low doc home loan simple for you. The expert finance broker will turn your dream of home ownership into reality. So if you are looking for a low doc loan, don’t forget to employ the services of a professionally qualified and expert finance broker.

FHA Refinance, Home Loans and Mortgage Programs Fulfill Requirements of Home Buying

FHA Refinance offers several different options to those who are considering FHA Refinance Mortgage loans; Refinancing with an FHA loan can prove to be an effective way to put that equity to work. Refinance loans can be used to help with many personal financial situations like reducing monthly payments and all. It is not applicable for everyone, to get this approve we need to have certain requirements. Today most of the homeowners are struggling with monthly repayments of home, in this case they ac n directly go for FHA Refinance and also they can able to afford it, FHA is Federal Housing Administration which is authorized by congress to offer full loan coverage and also makes the lenders to expose who are providing less debt and also ensure them to get higher competitive rates, also there is a hope for homeowners plan Best Home Loans In ACT, which allows refinancing of such a loan to maximize its affordability.

One thing that should keep in mind is FHA Refinance is beneficial for those who are currently using their home as their principal residence and also it available for them only. In two ways it can be beneficial, as in terms of streamlined refinancing and cash-out refinancing, in order to take an advantage, the home owner can refinance the existing mortgage for up to some percentage of the appraised value, another thing, which comes in streamlined refinancing, is it allows reducing an interest rate on your current home loan quickly and thus also cuts down the amount of paperwork that must be completed by the lender. All these are really very help full to refinance your loan. In case of FHA Home loan, then it is good for the first time buyers, if they are buying a house for the first time then this plan is beneficial for them, FHA Home loan offers variety of options to the first time buyers and the government is working for this to make it convenient for people as possible.FHA home loans are very safe for the first time buyers as this is just what you need, as compared to other loans, it requires lower down payments.

Now looking at the requirements, first time home buyers always get confused in where to move, and which kind of plan they should go for, that is why this FHA home loan is created by the government to help those people who cannot afford high mortgage, it is important that, the borrowers must have to be employed for 3years, there should not be more than two late payments on the credit report, and they must be of certain age. By having these all, you can easily go for FHA Home loan, which you can afford to have.FHA home loans are easy to qualify, if you are not in a condition to afford mortgage loans then FHA Home loan is the best for you, one can simply find it on the internet, which can reveal you about FHA Home loan and also about the requirements. FHA home loans are not granted by government but these loans are Mortgage loans that are guaranteed by Federal Government. For home buyers there is a great option for mortgages, as they can also go remodeling of older home in their mortgage note.

There are several sites you will find on the internet that offers FHA home loan program and also about the FHA Refinance and mortgage programs, through which you will get the essential information and details to apply for that.