These loans are mostly for self-employed borrowers who have difficulty verifying all of their income, and for service industry employees, such as bartenders, waiters, and hair stylists that have pay which is difficult to determine precisely. These loans may be also used by borrowers who get most of their income from commissions, or by borrowers with very complex income structures. For example, a borrower who has income primarily from rental properties and investments may be hesitant to verify all sources of income due to the volumes of paperwork this would require. Additionally, borrowers who receive a good portion of their income in cash, such as tips, might also want to consider the Easy Doc loan.

Because of the risk associated with No Doc loans, a borrower will have to make a larger down payment. 

Credit standards are generally a little higher for No Doc loans. Borrowers must have maintained a good repayment history within the last two years. 

Lenders will assess higher interest rates and fees on loans when little or no documentation is provided to substantiate the borrower's income. Expect the interest rate to be substantially higher than the rates on a fully documented loan. Consequently, No Doc loans should only be used when necessary, not simply to avoid the paperwork requirements of a Full Documentation loan.

No Doc loans could be classified into "Stated Income", "Stated Assets", "No Income Verification (NIV)", "No Income / No Asset (NINA)", "No Ratio", etc. With "Stated Income" loan, the borrower can simply state his income on the application, and do not have to provide any documentation to substantiate this stated income. Lenders usually verify that the borrower has assets that logically match the stated income. 

Most of these products are not currently available on the market, but call to make sure.