No-doc mortgages are home loans that do not require traditional income or employment documentation, allowing borrowers to secure financing through alternative assessments. While popular before the 2007-2008 financial crisis, these loans contributed to risky lending practices and largely disappeared post-collapse. However, they have made a comeback in a much-restricted market, available only to certain borrowers under stricter regulations and oversight to prevent the pitfalls that led to the 2008 housing crash.
No-doc mortgages allow homebuyers to secure financing without traditional documentation, relying instead on alternative assessments by lenders.
Despite their previous decline post-2008 crisis, no-doc loans have returned under stricter regulations and limited availability for select borrowers.
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