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No Documentation or non qualifying home loans are a simple solution in
today's market. There are a suite of
programs collectively referred to as No Documentation
loans. These non qualifying home loans assist borrowers
financing when their income, employment or assets are
difficult to verify.
hi i read this article about this guy who wanted to buy a home but had very poor credit. So his friend said that he could still buy. They found a home that was for sale that had a non-qualifing loan. It basically said that he could buy this home by just assumeing the sellers first mortgage. He did have to qualify for a new mortgage. He just took over the sellers existing mortgage. The example was that the house sold for $80,000 and the sellers mortgage was for $73,000. So he took over his mortgage wich was a non-qualifing loan and paid the seller $7,000.
Check with the lender that holds the mortgage -- they put together an "assumption package" for a home that is going on the market to explain the conditions of an assumable loan to potential buyers (including whether or not the buyer has to qualify).