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Our Niche Products
No Closing Costs Loans |
Low Doc Loans |
Low Down Payment Loans
Low Doc Loans
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Your Complicated Financial Situation Made Easy
Streamlining Your Application
Sometimes less offers you more. That’s the case if you are financing a home when you have a complicated financial or income situation. With a variety of low-document programs from Dynamic Capital Mortgage, you can get the financing you need for the home you want — easily. You provide less information and fewer documents about your income and assets when applying for a low-document program. So, for the benefit of a streamlined application and approval process, you typically pay a higher interest rate for your home loan .
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Choose Dynamic Capital
At Dynamic Capital Mortgage, we deliver the loan programs, rates and expertise to get the most out of your money. So, you get the home that you want today. You also get our commitment to extraordinary service throughout the entire process. Because your mortgage is among the largest personal financial decisions that you’ll make, it’s the kind of service that you deserve. That’s what makes Dynamic Capital your preferred mortgage lender.
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Low-document programs from DCM are great choices for homebuyers in a number of different circumstances:
- self-employment
- employment by multiple parties
- unemployment
- otherwise complicated financial or income profile
The low-document programs are also well suited for homebuyers who want to close on their home quickly or want to buy another house before selling an existing one.
From Low to Absolutely No Documents
Dynamic Capital features home loans with documentation requirements that range from low to absolutely none. In a truly no-document program, borrowers do not state — meaning, do not include it in their application — or provide any supporting documents for their income or assets. They just sign the application. These programs work best for unemployed homebuyers or for borrowers with good credit and a down payment of at least 30%.
Low-document programs require some documentation, typically about your assets (such as bank statements, etc.), and come in many flavors. For DCM’s most popular such program, borrowers state and provide documentation about assets, but only state their income. Their employment is verified, but not income. These programs are ideally suited for homebuyers who have good income, but have difficultly documenting it.
Because you are not providing all of the financial information of a “full document” loan, interest rates are typically higher for low-document home financing. But, the difference can be as little as one-quarter of a percentage point for lenders to accept the additional risk. In this streamlined application, the most important factors for determining your interest rate are your credit score and loan-to-value ratio (LTV). The combination of very good credit and a low LTV reduces your interest rate.
The Specifics
- full range of programs from low to absolutely no documentation
- ARMs and fixed-rate loans
- loan amounts greater than $100,000
You Should Know
Your loan-to-value ratio — or your LTV, for short — represents the loan amount as a percentage of the value of your property. In a home purchase, it is the down payment as a percentage of the price of your home. So, with a down payment of $100,000 and a loan of $300,000 on a $400,000 home, your LTV is 75%. In low-document home financing, the LTV is particularly important — as is your credit score — because there is not a lot of other information in your application.
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