NO Documentation LoansNINA, SIVA, SISA, STATED Income, No Doc

Due to abuses of this great product, it has been seriously restricted or removed completely as an option by almost all lenders nationwide, and is almost impossible to find in it's former form.

These loans, years ago, were very rare, came with dramatically higher interest rates, and only for provable self-employed people whom had trouble documenting their real income.

As the markets changed through the early 2000's, these loans grew in popularity and became commonly known as liar loans, because both customers and Loan Officers were easily allowed to misrepresent the borrowers true circumstances.  They were highly abused by consumers, and bad loan officers everywhere, as people realized they could easily get a loan for much higher than they should have with relative ease. Of course there we some regular people who used them as intended, but this became few and far between.

Sept. 2008: Once again, the Minneapolis / St Paul Business Journal has recognized Mortgages Unlimited as one of the top 25 locally owned mortgage lenders in Minnesota. Who are you thinking of doing business with?

These liar loans were one of the first casualties of the mortgage market meltdown as many of these customers were some of the very first people to end up in foreclosure. Lenders everywhere quickly pulled them from their product lines, and many states now have laws on the books banning them completely.

Unfortunately, the self-employed, commissions, and tipped income people who truly need and benefited from stated income, no documentation (NINA, NIVA, NISA, SISA) type loans are now without loan options. The old saying, one bad apple spoils the whole bunch... In this case, it was a whole bunch of bad apples that spoiled it for the one who really needs it.

If you are looking for a respectable No Documentation loan, you are pretty much out of luck, unless you are:

  1. In a state that still allows them
  2. Have excellent credit
  3. Are in need of under 65% loan-to-value
  4. Are willing to pay huge up-front costs and very high interest rates to "hard money lenders"

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Top Minnesota Mortgage Lenders Brokers

Mortgages Unlimited Minnesota
33 Wentworth Ave E Suite 290,  St Paul, MN 55118 

Phone: (651) 552-3681

Member, Minnesota Mortgage Association

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