Your finances may not always be as perfect as you’d like them to be. You may not have the highest credit score or lack a line of established credit to show lenders how trustworthy you actually are. But despite your lack of documentation, you may need to apply for a loan. This is especially true if you want to buy a house because you’ve found your dream home. The only thing is you do not have any documentation to get a traditional investment loan. For these times, AS-IS Loans can work with you to make sure you can still get a 30 year no doc investment loan despite your lack of credit.
It may seem tricky to even know where to start when preparing to apply for an investment loan. Getting such a large loan can seem difficult if you’ve never applied for one before. No matter what your history with finances is, and no matter what your finances look like today, AS-IS Loans can work with you to help you secure an investment loan for your needs.
What Is a No Doc Investment Loan?
Typically when you are trying to get an investment loan, you have to show lenders two years of tax returns. For various reasons, people may not be able to do this. For instance, a number of people are self-employed and do not have two years’ worth of tax returns that they can show to prove they have the income required.
Others may not want to share their financial information with lenders. Some people would prefer to keep their finances private. Whatever the reason, if you do not have or do not want to show the typical documents required for an investment loan, a no doc investment loan might be the right choice for you.
Tips for Getting a 30 Year No Doc Investment Loan
While it may seem hard to get a no doc investment loan, it is not impossible. Here are some tips for you to get your finances together so that it’s easier for you to get a no doc investment loan.
For starters, it always helps to pay down as much of your existing debt as you can. If you have maxed out credit cards or car payments, try to pay a little extra each month to at least one of your debts. As you lower the amount of money you own, your debt to income ratio will improve. This shows lenders that you are financially responsible. The more income you have compared to debt, the more money you will be able to pay towards your no doc investment loan.
To help prove to lenders that they can trust you and give you a no doc investment loan, it is a good idea to start saving up so you can to make a large down payment. While future homeowners usually try to put 20% down when buying a home, you may want to save an even larger amount to put down as a down payment. This will show lenders that even though you do not have much of an established credit history on paper, you can still be responsible with your finances. It will also lower your monthly payment.
We also encourage you to be open with lenders about your finances. Show them that you have money saved up and actually have an emergency fund just in case finances get tough. Lenders want to see that you will not have excuses and will be able to make your payments without any difficulty. Similarly, show your bank where your money is coming from and what your income flow actually looks like. When lenders understand how much money you typically have coming in, regardless of your lack of tax returns, they can see that you will have the money to pay off the loan.
Getting a 30 Year No Doc Investment Loan
Now that you know more about the process of getting a no doc investment loan, you should feel prepared to fill out the needed documents yourself. It can seem overwhelming when you are trying to make big financial decisions. After all, purchasing a home is no joke, and taking out a 30 year no doc investment loan is not a decision to be taken lightly.
That said, no matter what your financial history is, if you are ready to secure a 30 year no doc investment loan for your personal needs, AS-IS Loans is here to help. Don’t hesitate to sign up for more information about AS-IS Loans so that you can get the money you need, no matter what you need it for.