Yeah, I hear you—“no doc” is almost never truly no doc. Lenders always seem to find a reason to ask for more, even if it’s just a couple months of bank statements or some random letter. I get why they do it, but it does feel like the rules change depending on who’s looking at the file. Still, it’s not all smoke and mirrors—some folks do get through with less paperwork than a full doc loan. Just gotta be ready for curveballs.
Yeah, it’s wild how “no doc” can mean anything from just a quick bank statement to a full-on paper chase, depending on the lender or even the underwriter you get. I’ve seen files breeze through with barely any questions, and others get stuck over the tiniest thing. It’s frustrating, but you’re right—sometimes it really is less hassle than a traditional loan. Just gotta keep your docs handy and expect a few surprises along the way.
Yeah, I’ve noticed that too—“no doc” is kind of a moving target. A few things I’ve seen:
- Some lenders just want 12 months of bank statements, others suddenly ask for P&Ls or even letters from your CPA. It’s not always as “no doc” as advertised.
- Underwriters can be unpredictable. I’ve had clients get flagged for random deposits, like birthday gifts, and then have to explain every little thing.
- Rates and fees tend to be higher, so it’s worth running the numbers to see if the convenience outweighs the cost.
- One tip: keep a folder with all your docs updated, even if you think you won’t need them. Saves a ton of stress if they start digging.
It’s definitely easier than some traditional loans, but yeah, you never really know what curveball’s coming next...
