Key Information on Low Doc Loans

2010 March 22
by iggy

There is no question that a low doc loan is the loan type of choice for those who are self-employed.  However, common knowledge suggests that low doc loans can only be used to purchase a new home.  This is because a home loan purchase is the most common use for low doc loans.  

This is contrary to the number of low doc loan packages available on the market.  Not many people know that there is an immense variety of choice  for this type of home loan.  In fact, low doc loans can be used in numerous ways, and are not just limited to purchasing a new home.

There are various types of low doc loans ranging from owner occupied home loans, to investment loans, to construction and renovation loans, and even to refinancing.  Each type of loan has a particular criteria and varying documentary requirements.  This means that you are not limited to a home loan purchase and can get a low doc loan if you would like to invest in  a property.

If your house needs a facelift and renovations you can likewise get a low doc loan for this particular purpose.  Where you think your existing loan’s terms are not that good then you can  refinance your morthage to fix your terms at a more reasonable and lower rate.

Hence, if you are self-employed and would like to get a low doc loan for then it would be best to consult the experts on home loans.  They can help you gain access to these different types of home loans.  They can likewise advise you as to what type of low doc loan would be perfect for your particular situation.  The variety of low doc loans available can be confusing, but this can be made clearer by the experts.

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