With the economy what it is these days, the lenders are clamping gown on the more risky loans that were previously available to most anyone with good credit and income. And that is certainly understandable. But if you are in a particular type of situation no doc home equity loans may be just the right mortgage loan for you.

Of course these sort of loans are not for everybody. But let us say that you are in this situation: You've just started up a new business that is starting to do really well. However you can't show much of an income during this start up phase but you want or need to buy a new home. You don't have the documentation of income so you are wondering how to satisfy the lender's requirements.

Well, you can't really if you want to get a conventional mortgage loan. But a no doc home loan might be right up your alley. My wife and I have always been entrepreneurs and found ourselves in exactly this situation. Our start up was moving ahead nicely and we now had a pretty good bottom line on our spreadsheet. Our credit has always been great, in that we've always paid our debts on time.

We went to our online lender (who was adamant about us not even mentioning our previous years income) and she wanted to document our credit score (as I mentioned before, this was excellent), and how much we had for a down payment (as I said we had money in the bank). I knew we were looking at a no doc home equity loan that would cost us a couple of more percentage points in interest, but figured I could refinance later to get rid of the extra points.

So if you find yourself ready to buy a new home, have a great credit score, money in the bank for a down payment, be willing tp put up with the extra interest points for a while, BUT can't come up with all of the documantation of last years income for whatever reason, check out no doc loans online. You'll be happy you did.