There are three main types of no-documentation loan as follows:

No-documentation loans - require the least documentation and are for buyers with good credit scores. The buyer provides minimal information (usually social security number and general property information) and the lender does the rest.

Stated-Income, or low doc loans - typically attract people who work on a cash or commission basis - people who do not draw a consistent salary. The borrower will need to disclose earnings, usually for two years, and might need to show tax returns and bank statements.

No Ratio mortgage loans - are for borrowers who do not wish to disclose their income; therefore there is no debt-to-income  ratio for the lender to consider. The no ratio borrower has good credit and abundant assets that make up for the lender not considering the borrower's income information. This loan can be a quick and easy process for borrowers that would have difficulty gathering documentation.

If you think a low doc loan is right for your situation, talk to a mortgage expert. A good mortgage banker can also show you how to obtain the necessary documentation.