What is a no doc? (Charlotte: mortgage, refinance, credit)

[Pikantari]

I saw it in a thread through one of my posts. Also? I got a brochure from a company in Charlotte who builds homes..... I am so trying to weigh my options here....

[south.charlotte&union]

I would talk to a lender about no doc -- from what I understand, you can get a loan without documentation of income. Interest rates are usually higher though.

[dandevder]

We used a no doc loan when we originally moved here. We did not have to provide proof of income...ie...employment. We had to do it this way because my hubby did not start his employment here before we were to close on our house. We did take the hit of a higher interest rate. We then refinanced after he had started his job to get a lower interest rate.

[ravensruul]

I am in the process of a no doc loan. You state your income but you do not have to prove it. They do not go thru your bank statements either. They essentially check your credit, look at how much you are putting down a house, what the price of the house is, and give you a loan. The rate is significantly higher, but later you can do what we are doing and refinance. We are using it to move from Baltimore to Charlotte area, but we will have new jobs, so that normally would exclude us from buying a home for about 3 months after we move there. We are buying a home and have it built before we get there.

[Pikantari]

Originally Posted by ravensruul

I am in the process of a no doc loan. You state your income but you do not have to prove it. They do not go thru your bank statements either. They essentially check your credit, look at how much you are putting down a house, what the price of the house is, and give you a loan. The rate is significantly higher, but later you can do what we are doing and refinance. We are using it to move from Baltimore to Charlotte area, but we will have new jobs, so that normally would exclude us from buying a home for about 3 months after we move there. We are buying a home and have it built before we get there.

I am coming from Virginia, and I have been told that I can do my qualification here, where I have a job and job history, all that good stuff, then carry the info over to wherever I buy, does anyone know abour this? We are 1st time homebuyers and relocating at that....

[south.charlotte&union]

Definitely talk to a lender...I had clients who were advised by the lender not to resign from their jobs until AFTER the loan closed so that they didn't need to go no doc.

[dandevder]

Originally Posted by cinderobyn

I am coming from Virginia, and I have been told that I can do my qualification here, where I have a job and job history, all that good stuff, then carry the info over to wherever I buy, does anyone know abour this? We are 1st time homebuyers and relocating at that....

I would talk directly to the lender. If you remain employed in Virginia when doing the closing, then you can get the loan that way. But if there is any gap in employment or change in job itself you may have to do a no doc.

We were told that if you change the type of work you do, then you would need to be employed for 6 months to refinance. If you change jobs, but do the same type of work, then you can refinance sooner. We were able to refinance within a month because hubby stayed in same industry doing same kind of job.

The whole loan mortgage thing is a pain in the behind. There are so many different rules and guidlines. I always called my mortgage guy directly and found he had the most up to date and correct info. Best of luck on your move!

[neoflex]

Originally Posted by cinderobyn

I am coming from Virginia, and I have been told that I can do my qualification here, where I have a job and job history, all that good stuff, then carry the info over to wherever I buy, does anyone know abour this? We are 1st time homebuyers and relocating at that....

They will do this and you will have a slightly higher rate because if your lender does things on the up and up the home will be financed as a second home and not as a primary residence. The rate jump is not as significant as a no doc, your prob looking at a half a point depending on your credit. My lender also told me if one of us should show proof of employement prior to closing that our rates will come down.