Profile picture for ttnn89

does banks still offer no-doc loan?

My income over 40k, married, excellent credit over 800. Can only down max $ 15,000. 
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May 05 2011 - US
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Answers (5)

Lending institutions are no longer offering a no doc loans.  Private investors and family members would be the direction you need to go to seek a no doc loan. 

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May 09 2011
Profile picture for Brokein2008
800 credit score. wow  like to see that 
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May 06 2011
Are you self-employed and are trying to use the income from 2010 to qualify?  Or is just your 2nd year of being self-employed?  If so, then that is likely the holdup as most lenders want to be able to verify those returns with the IRS before being able to use it's income as qualifying income.

If you are a wage-earner/W-2'd and have not claimed any unreimbursed employee expenses on your 2009 tax returns, and still work at a similar type job (and not changed over to a "commissioned" job where it may be more likely to claim unreimbursed employee expenses) then I don't know what their issue would be... and then their request sounds unreasonable.  You may want to call up a 2nd or 3rd lender to get some opinions.

Back to the current lender, I would ask if they would accept a copy of an IRS stamped tax return instead, if so then you can go down to the local IRS office with a copy of your returns and file them.

If it really turns out that any lender will need to verify your 2010 tax returns for the loan, then you should contact the IRS advocacy group at http://www.irs.gov/advocate/ and see if they can help expedite the processing of your returns.
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May 05 2011
Profile picture for ttnn89
thanks for your respond. I actually on the process of getting a loan but everything freeze up when the bank check for my tax transcript from IRS, it show no filed since i mailed the file on Apr 15 and IRS confirm on Apr 17. Till, they need 6 - 8 weeks to process the transcript and there is no way to speed up. I"m about the lose the house i'm offer eventhose i already put in the different 12K for the appraisal vs selling price. Co-sign is out of an option so i seeking for alternative, really don't want to see this house go. :(

Again, thank you for your answer.   
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May 05 2011
Short answer is no low doc loans are gone.  Why do you need a low doc if you have $40K income and 800 FICO?
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May 05 2011
 
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