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:: Low documentation loans ::
In circumstances where provable income is not high enough to obtain the desired home loan amount but assets are strong, a low documentation loan may be the answer. This loan is primarily granted on the basis that assets are strong enough to justify lending the desired amount. Income is taken into account, but all that is often required to prove there is sufficient cash to make the repayments is a self declaration by the borrower. Generally no tax returns are required to prove income, which is standard procedure in most mortgages from mainstream banks.
These home loans are very similar to no documentation loans except they require some paper work. The self employed are the number 1 users of the low documentation loan product.
These lenders also have a package for borrowers with bad credit problems blemishes on their CRA.
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