Answers (12)
- FICO580
- Contributions:42
I have many closed no doc loans. We are a portfolio lender and equity driven with 701 Fico and 4 tradelines 2 must be active for 24 months LTV's are as follows:
Purchase 70LTV (allow seller held second up to 90%)
R&T Refi: 65 LTV
Cash Out Refi: 60 LTV
601 FICO Is ok with lower ltv's
We are equity driven. We have very strict appraisal reviews and require multiple interior photos.
No 4506-T required
We also have products for foreign nationals with passport and valid Visa.
Purchase 70LTV (allow seller held second up to 90%)
R&T Refi: 65 LTV
Cash Out Refi: 60 LTV
601 FICO Is ok with lower ltv's
We are equity driven. We have very strict appraisal reviews and require multiple interior photos.
No 4506-T required
We also have products for foreign nationals with passport and valid Visa.
- anna Cole, "annaccorona"
- Contributions:33
Not that I know of. Those were one of the many programs that got our economy screwed up. All of the stated,no doc, option arms(pick a pay) and adj. rate mortgages are crocks. We are now back to basics and frankly need to stay that way. Full doc,fixed...
- Tiffany Lewis, "Tiffany Lewis"
- Contributions:68
- FICO580
- Contributions:42
NO DOC LOANS..601 MINIMUM FICO
PURCHASE OR REFI
PRIMARY RESIDENCE,INVESTMENT PROPERTY, SECOND HOMES, COMMERCIAL..
EMAIL ME:
FICO580@GMAIL.COM
PURCHASE OR REFI
PRIMARY RESIDENCE,INVESTMENT PROPERTY, SECOND HOMES, COMMERCIAL..
EMAIL ME:
FICO580@GMAIL.COM
- Dave Mason, "DebtFreeDave"
- Contributions:1312
No
- wetdawgs
- Contributions:40786
Rental income can be official income. If your documentable income is not sufficient, perhaps it would be appropriate to make the rental income official.
- micromn
- Contributions:5
Your best chance is with your current lender. Mine was Wells Fargo and got one the last time. If you have superior credit, paying down mortgage, and they don't want to lose you, then perhaps you can cut a deal. You are better off focusing on the rate, or term length.
The best way to save money is to pay off mortgage faster. And/or shorten term length. People don;t realize they pay 2 to 3 times their original home price in a typical 30 year loan. Its absurd. Would you pay 2 to 3 times your vehicle price ? or 2 to 3 times the price of college ?
Then why worry about doc costs, which maybe is a few hundred dollars when you should be thinking about how to pay of that loan faster.
I have over 3/4ths of my home's current value paid off, and almost down to half the orginal price paid for the home in 10 years. I'll have the remaining paid off in less than 10 yrs and most likely less than 7. Interest rate deductions on taxes are of miscule value and likely to get worse under the obama admin if you make any sort of decent money.
People work like mad to avoid paying taxes when the real thing they should work toward is paying less interest. The interest you pay for homes and cars, is far worse than any taxes you will pay. At least for taxes you get government services, good decent schools (if you live in a place like Naperville) and other benefits like SS or Mediscare. For interest you get nothing other than the "privelege" of making some banker richer or enabling him to unwsiely invest in something like subprime and go bankrupt as many will in 2009 and beyond.
The best way to save money is to pay off mortgage faster. And/or shorten term length. People don;t realize they pay 2 to 3 times their original home price in a typical 30 year loan. Its absurd. Would you pay 2 to 3 times your vehicle price ? or 2 to 3 times the price of college ?
Then why worry about doc costs, which maybe is a few hundred dollars when you should be thinking about how to pay of that loan faster.
I have over 3/4ths of my home's current value paid off, and almost down to half the orginal price paid for the home in 10 years. I'll have the remaining paid off in less than 10 yrs and most likely less than 7. Interest rate deductions on taxes are of miscule value and likely to get worse under the obama admin if you make any sort of decent money.
People work like mad to avoid paying taxes when the real thing they should work toward is paying less interest. The interest you pay for homes and cars, is far worse than any taxes you will pay. At least for taxes you get government services, good decent schools (if you live in a place like Naperville) and other benefits like SS or Mediscare. For interest you get nothing other than the "privelege" of making some banker richer or enabling him to unwsiely invest in something like subprime and go bankrupt as many will in 2009 and beyond.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
No Doc is a thing of the past. Also, most lenders require a 4506T on stated income. That get your past tax returns.
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:4322
The income you refer to is called "Boarder Income". FHA allows you to use this income IF the renter is related by blood, marriage, or law.
If that relationship is not present you could apply with a finance company, they have also been known to use Boarder Income.
Lastly, you could try a Fannie Mae loan with just your income. I've seen them approve debt ratios as high as 64% recently.
If that relationship is not present you could apply with a finance company, they have also been known to use Boarder Income.
Lastly, you could try a Fannie Mae loan with just your income. I've seen them approve debt ratios as high as 64% recently.
seahorse, do you need that income to qualify for the loan? what is the home worth, and what is your current mortgage? If you are in a good equity position, I would suggest talking with a local bank or two.
- Seahorse7
- Contributions:3
Arlington, Va
last refi was done under a no doc. Have rooms-in-my-house rental income that is not considered proper income.
last refi was done under a no doc. Have rooms-in-my-house rental income that is not considered proper income.
maybe some obscure portfolio lender in your local area, but most 'no-doc' programs are long gone. Where are you located, and why do you think you 'need' a no-doc loan?
Are there any no doc 30 yr refinance loans available?
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