What is a No Documentation Loan? - Definition

What is a No Documentation Loan? - Definition
A true No Documentation loan has no income, asset, or employment information listed on the 1003 (loan application). This type of documentation generally requires a clean credit profile with high credit scores, and also is limited to

lower loan to values. This type of loan is considered to be a high risk to the lender and generally has higher rates and terms than other loans with more verifiable documentation.