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Where can i find no-doc loans?

I have a house bought 3 yrs ago with 149K left, 155K value. I am a commission only sales rep, my wife is self employed. She has a home that we do not wish to sell that is rented and covering mortgage, taxes and insurance. We have found a home in the area we want for a decent price. Are there any no-doc loans left? If so, how much is the usual down and what percentage are closing costs and lastly how is PMI calculated today? Both have good/great credit - thankks
  • July 09 2010 - Gainesville
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Answers (9)

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  • September 12 2012
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We are funding stated loans yes.  This is a loan for borrowers who really qualify....so by the skin of your teeth borrowers. Basic guidlines are 700+ fico, 12 months PITI, 60% LTV, ideally self employed (we can do VOE for W2).  Usually a 3/1 or 5/1 from 4.625 to 5.625 1 to 2 points depending on the details. Guildlines change base on state.

No-Doc is an East Coast loan program and generally are tight, 60% LTV max, 7%+ rate, 2 to 3 points.

In both cases property value is key.  Nothing out of the ordinary, there just needs to be value.
  • July 14 2010
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@David,

How many Origination Points on your No-Doc? What's the maximum CLTV? .... Thank you, Rudi

  • July 14 2010
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David,
You obviously have a niche product. I guess the old "if it sounds to good to be true...." comes to mind. Are you actually closing the no doc/stated income loans without huge "gotcha's" or are these "walk on water "applicants?  Are appraisal requirements extremely tight? Might send you some business if I felt comfortable with the process........
  • July 14 2010
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Not true...depending on state we can do stated income and no-doc loans with a differnt set of private banking relationships we have...rates are generally good (around 5%). No doc rates tend to be higher.  Only strong borrowers are getting these types of loans. You just need to know where to look for this type of financing...thats why we are in business! We can also finance non-warrantable condos, condotels, co-ops, etc. with a few portfilio lenders we work with (not stated).

David Marks
  • July 14 2010
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Stated Income and No Doc loans are a thing of the past. If you decide to purchase a new home, you might want to see if you qualify for an FHA mortgage. Rates are low and you only need 3.5% down plus Closing Costs. Seller Concessions of up to 6% (to off-set your expense of CLosing Costs) and Gift Funds are allowed. If you are both commissioned/self-employed, then 2 years of personal Tax Returns will be required. Debt to Income ratio's are allowed to go a little higher than Conventional financing.
  • July 11 2010
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No-doc or stated loans are gone.

  • July 10 2010
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Only no doc loan programs are with private investors, 40% to 50% down and rates approaching 10% or more.  Get with a loan officer and have them go over your taxes and see what you qualify for you might be surprised.  As for PMI the question dose not apply to any no doc program, no income documentation no PMI.  As Clay said look for owner financing.

  • July 09 2010
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Greenpoint, Wamu, Lehman Brothers, but they are all out of business. If you can not document income you may try owner financing.

  • July 09 2010
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