No-documentation mortgages are very rare and hard to qualify for, as of 2015, as The Truth About Mortgage explains. Before the mortgage crisis that began in 2008, many banks provided no-documentation refinancing, with subprime lenders providing no-documentation mortgages to many lenders with decent credit scores.
In a no-documentation mortgage, a bank relies on the applicant's credit history to decide whether to grant credit. Typically the only information provided by the applicant is his Social Security number and information on the property being mortgaged. Borrowers who have excellent credit and significant assets may still be able to get stated-income loans or no-ratio loans, according to Quicken Loans.