This is the top question, as these loans were common before 2008. The answer is that true "no-doc" loans are largely gone, but specialized lenders offer alternative programs.

Yes, this is possible through alternative "non-QM" (non-qualified mortgage) programs like bank statement loans for self-employed individuals.

Borrowers seek to understand that while no traditional income docs are used, the bank statement loan is a form of alternative documentation where deposits are verified.

This alternative for high-net-worth individuals uses verified assets (like investment accounts) to prove repayment ability instead of monthly income.

 Lenders mitigate risk by requiring proof of significant assets, high equity, and excellent credit history.

Borrowers can expect much higher requirements than conventional loans, typically 680 to over 700.

Lenders require a substantial amount of equity to secure the loan, often requiring that the borrower retains 20% to 30% equity after the refinance.

This is highly restricted; these loans are often only available for second homes or investment properties, where rental income can be factored in.

 Yes, due to the increased risk for the lender, interest rates are significantly higher than for a conventional or FHA loan (often 1% to 5% higher).

Borrowers are concerned about potential default, foreclosure, and the higher overall cost of borrowing, which can make it harder to build equity quickly.

Borrowers often ask about the tax implications, which are the same as traditional loans: interest is only deductible if used for home improvements or purchase of the property. Always consult your tax advisor.