Profile picture for Diana cory

I hear no doc loans are a thing of the past. How else can I buy ?

I bought my last two homes that way and do not know if I can buy now ?
I have very good credit ( do not know the score).
I am told I do not qualify for FHA ( by a realtor) .
I want to sell my house and buy a inexpensive condo ( approximately $50,000).
I can put maybe $20.000 down .
Is there any hope to do this ?
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June 05 2010 - US
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Answers (3)

You may be successful working directly with a bank.  With excellent credit, the only limitation I forsee for you is limited downpayment (you might need as much as 10%); if you are buying in an association that is eligible for a conforming loan.  We offer condo spot approvals so even if the condo you want to buy isn't already on the approved list, we can review the association.

please call or email me if you'd like me to review your situation.
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June 05 2010
Profile picture for Diana cory
Thank you. I do  document my income but it is only about $37,000 a year. I made a mistake saying $20, 000 down, I meant $2,000.
Big diffeence I know.
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June 05 2010
Profile picture for wetdawgs
If you can't document your income today, there are several ways to buy:

a.  If you are self employed and your deductions wipe out your income, go back and redo your taxes for the last couple of years.  

b.  Pay 100% cash.

c.  Find a hard money lender and be prepared to pay a higher than market interest rate.

d.  Or, document your income (on tax forms) for a couple of years and go the more traditional route.

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June 05 2010
 
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