Profile picture for Timmy97060

Looking for a no doc mortgage in Oregon

Recently sold our home looking to downsize.  12 years self employed, 800+ FICO We want to buy a townhouse @ $135,000 with 50% down payment. I have always had lots of tax write off, using every advantage, so need a no doc loan.  My wife is employed but only part time, enough to get insurance!  Is there anyone making these loans near Portland?
  • September 18 2009 - Gresham
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Answers (7)

Again Steve, an excellent response. Actually, that was not what I expected to hear. I had you confused with another Steve that was on the Barry's MMG Lecture Circuit. .... Happy funding, Rudi

  • September 20 2009
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I thought options arms were evil, personal opinion.  I never wrote a single one.  The product does have a small niche where it is useful but it was abused tremendously as were the no doc loans.  I remember sitting in the WA State Capitol in Olympia testifing and having brokers thrown under the bus by a WAMU attorney.  They were saying it was all brokers that created the evil...  I had to remind them (to no avail) that brokers do not come up with the product, underwrite or fund them.  While there was abuse everywhere, 80% of the loans out of a couple of local retail WAMU branches was Option ARMS!!  I also had to point out that the daily rate sheets from WAMU had as their very first rate page....Option Arms!!  I had to wade 5 pages back to find a 30 year fixed.

Short answer, was never a big option arm supporter except for a very small investment niche that was very well educated on the product.
  • September 19 2009
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Steve,

I'm curious. What was your position about Option Arms two years ago? Was it that it was also an abusive product? ..... Happy funding, Rudi
  • September 19 2009
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Tax returs, and they don't even believe the paper they will verify with the IRS via the 4506T form.

There is not much to add back in to your tax returns any more.  Intangibles like ammortization and depreciation.  Look at how you can document the business paying your expenses on your credit report.  If you can document through bank statements that your liabilities are paid by the business for 12 months we can remove/not count that liabilities and take them out of your debt ratio.

Two years ago on the lecture poduim I warned if the pendulum swings too far and we over react, most of the small business people in America are going to be harmed!!  It has now happened.  There was indeed egregious abuse of stated income and no doc loans.  They were designed for people like you and me but abused by hungry and greedy loan/realtors to get many people in over their head.  It is the abusive use of the product, the people that did it and the banks that funded them that should be slapped not the product.

I make 60 loans a month and could not make myself one right now!

There is not much to add back in to your tax returns any more.  Intangibles like ammortization and depreciation.  Look at how you can document the business paying your expenses on your credit report.  If you can document through bank statements that your liabilities are paid by the business for 12 months we can remove/not count that liabilities and take them out of your debt ratio.
  • September 19 2009
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Profile picture for shapiroamg
You might be suprised how little you need, income wise, to qualify based with a 50% down payment. Speak to a professional and let them see if you can qualify based on your tax returns and your wife's part time income.

You might only need your most recent year for tax returns.
  • September 19 2009
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No Docs vanished with the mortgage crisis.

Options:
1. Amend last two years Federal Tax Returns
2. Private Money Loan. Look under Trust Deed Investments
3. Pledged Asset Loan. Aproximately 140% Liquid assets of loan amount

Good luck, Rudi

  • September 18 2009
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No doc loans no longer exist anywhere.

You'll need to show income tax returns if you are self employed.  You probably have some income you can show.  That and your wife's income will get you something -- maybe enough to pay a $70,000 loan.
  • September 18 2009
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