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Last time I got a refinance cash out mortgage my broker got me a lier loan called a no doc mortgage. I had no income but great credit so it worked out great for me. Since the mortgage crisis is there any more of these types of loans?
Last time I got a mortgage my broker got me a lier loan called a no doc mortgage. I had no income but great credit so it worked out great for me. Since the mortgage crisis is there any more of these types of loans?
I am not in that business, but deal with it everyday. My answer is "yes" -- however, the "other requirements" are more stringent, stricter, etc. They want more of a down payment, a higher credit score, lower LTV, etc.
I am sure some of the resident experts can shed more light on this.
I can't answer your question either, but this thread caught my eye. You can get a mortgage with good (or does it have to be great) credit, good down but no income? I'm assuming at a higher interest rate?
Please forgive my ignorance but I'm trying to understand and learn all I can before I return to the States (been living in England 12 years too long) and yea, I find that really interesting.
Really? Another (probably dumb) question here......does your broker/lender have to be in the State where you are buying the property? I know it would be more convenient if they were, but do they have to be?
Really? Another (probably dumb) question here......does your broker/lender have to be in the State where you are buying the property? I know it would be more convenient if they were, but do they have to be?
They have to be licensed in your state. A lot of them are licensed in multiple states, so the answer is "no, they don't have to be." But for the most part, your local brokers are licensed in your state. Not all brokers outside your state have that license.
Yes, I actually sent in my paystubs, etc. and my lender informed me that they didn't need it based on credit score and LTV. This is for a 30-yr fixed conventional loan (jumbo) so credit can still be obtained with limited headache if you have "excellent" credit (usually 760 or better), but if you have a score below 630, you're defintely going to jump through more hoops. Every lender has their own tiering system but generally speaking scores are no longer considered "good" once you hit below the mid 600's.
Last time I got a refinance cash out mortgage my broker got me a lier loan called a no doc mortgage. I had no income but great credit so it worked out great for me. Since the mortgage crisis is there any more of these types of loans?
I am curious if you have no income how do you pay back the mortgage. Unless you had the money to begin with, and then why would you need a mortgage?
I am curious if you have no income how do you pay back the mortgage. Unless you had the money to begin with, and then why would you need a mortgage?
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I had cash on hand to pay the mortgage but no regular job. I refinanced because I could lower my monthly payments and interest rate (from 7.15% to 5.87%).
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I'm assuming at a higher interest rate?
