Limited Documentation (Low Documentation)

Limited doc program require minimal paperwork to apply for a loan. Limited doc is popular for applicants who are interested in supplying the least amount of paperwork to qualify for a loan. Typically, the program requires verifying the assets to equal 3 to 4 months of the monthly housing expense (principle, interest, taxes and insurance) and bank statements, and employment. The guidelines may vary depending on the lender. Limited documentation attracts individuals such as waitresses, bartenders, sales people who don’t draw a regular salary but receive the majority of income by cash or commission.

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