No doc home loans, also known as stated income/stated asset loans, offer certain benefits for borrowers, particularly those who may have difficulty providing traditional income documentation. This type of loan is a great resource for those that are self employed.

Here are some potential benefits of a no doc home loan:

1. Simplified Application Process: With a no doc loan, borrowers do not need to provide extensive documentation of their income, such as tax returns or pay stubs. This can streamline the application process and reduce paperwork, making it easier and faster to apply for the loan.
2. Flexibility for Self-Employed Borrowers: Self-employed individuals, freelancers, and business owners who have fluctuating income or difficulty documenting their income through traditional means may find no doc loans appealing. These loans allow them to state their income without the need for extensive documentation, which can be advantageous for borrowers with non-traditional income sources.
3. Accessibility: No doc loans can provide access to financing for borrowers who may not qualify for traditional mortgage loans due to factors such as irregular income, high debt-to-income ratios, or credit issues. These loans may offer a way for borrowers with unique financial circumstances to purchase a home or refinance their existing mortgage.
4. Opportunity for Real Estate Investment: For real estate investors, no doc loans can offer a way to finance investment properties without the need for extensive income documentation. These loans may provide the flexibility and speed needed to capitalize on investment opportunities in competitive real estate markets.
5. Quick Approval: Since no doc loans require less documentation and underwriting, they may offer faster approval times compared to traditional mortgage loans. This can be beneficial for borrowers who need to secure financing quickly to purchase a home or refinance an existing mortgage.

Overall, borrowers considering a no doc loan should carefully evaluate their financial situation, explore alternative financing options, and work with reputable lenders who adhere to responsible lending practices.