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Old 12-19-2010, 07:53 AM
 
10 posts, read 56,478 times
Reputation: 11

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Can anyone recommend a broker in touch with a no-income mortgage program in the NY area? Please feel free to DM me.

Scenario:

Purchase price: $600k
Down: $400-450k
Fico: ~800

Verifiable income gives me 60% DTI, so figure I need a no-income program. I believe Emigrant's NINA requires a >417K which I don't need.

Thanks in advance.
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Old 12-19-2010, 09:00 AM
 
Location: Laguna Niguel, CA
768 posts, read 4,226,703 times
Reputation: 457
With that much down, I'd contact whatever bank you have your depository assets in, you may be able to pledge those assets for the remaining portion you are financing and basically be a double-secured loan. A lot of banks won't need income verification in that situation. Key is you need a strong banking relationship in the first place.
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Old 12-19-2010, 09:04 PM
 
Location: Long Island
9,763 posts, read 21,771,627 times
Reputation: 5660
Quote:
Originally Posted by jamesk99 View Post
Can anyone recommend a broker in touch with a no-income mortgage program in the NY area? Please feel free to DM me.

Scenario:

Purchase price: $600k
Down: $400-450k
Fico: ~800

Verifiable income gives me 60% DTI, so figure I need a no-income program. I believe Emigrant's NINA requires a >417K which I don't need.

Thanks in advance.
Emigrant is very difficult to work with AND they charge you an arm and a leg IF you actually do get approved. Will send you a DM with the name and number of Mortgage Banker I recently used successfully for one of my self-employed buyers.
May have to wait till Monday - don't know if I have his card at home.
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Old 12-22-2010, 01:33 PM
 
Location: New York
2,251 posts, read 4,719,814 times
Reputation: 1617
.

Stay away from Emigrant - wrong way to go.
...

You have been speaking with people who cannot help you, so they tell you to go to a sub prime lender, that way will end up paying more.

The difference in the monthly payment could be in the $100's of dollars if you went with a No Income No Asset loan, compared to a Stated Income - Verified Asset / Stated Income - State Assets. You have a good credit score, a sizable down payment, and you have verifiable income. The issue here is your debt ratio, so you need to take the DTI out of the ratio.

Doing it this way - you maybe required to put down less for your down payment.
As of Nov 2010
Stated Income - Verified Asset / Stated Income - State Assets.

Type of Property Primary - 1 – 4 Family, Condo, Coop (case by case)
Property State
NYC, Nassau, Suffolk, Westchester, NJ
Maximum Loan to Value
75% to $250,000 (up to $1M for Primary if Net Worth is 3 times of stated yearly income) 70% to $417,000 (max cash out is $100,000) 60% to $1,000,000
Type of Documentation
Stated Income/Verified Assets. Must show 3 months bank statements and verify 6 months of Principal, Interest, Tax, and Insurance
Expected Interest Rate
Mid 5%
Minimum Credit Score
700
Self-Employed or W2
Both

I am in Long Island - no longer write loans, but know a good mortgage broker I went to college with back in the 90's. He helped my wife and I buy our home, and has done two refinances for us.

Send me your email address, I will forward you his information..

.
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