A no-documentation loan (often referred to as a 'no doc' loan) is a mortgage loan for which the borrower is not required to provide proof of income, employment, or assets.
A nonconforming loan is a type of home mortgage loan that does not meet the standards of, or is too large to be purchased by, the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC). Due to this, the interest rates on these loans are typically higher.
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