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If you have a 680 credit score...and the Loan To value is 80% or lower...they generally dont require for income verification. You will however need a job...whether it's part time or full time.
They will call to verify you work there...and you can state what your income is.
You can still do a true no doc. where they won't need a job listed on the application, but like everyone's said, the requirements are much stricter than they used to be.
generally. 80% = 700 scores, and 75% = 680 score. You also need mortgage history for these now. Proof that you've been able to handle mortgages in the past.
For a stated loans it adjusts, and you can go higher than that on the loan to value, and lower on the credit score. But, for those as stated above, you need a verifiable job and the stated income needs to be reasonable for the job listed. So, in other words a receptionist could not state that they make 8000 a month base pay.
If your loan is under the conforming limit ($417,000) you can actually get the same interest rate on a Stated Income/Stated Asset loan as you would on a fully documented loan. This is good up to 95% loan-to-value (no cash out) with a 700 fico score.
We just closed a "no docs" loan in NC to live in Fletcher. Our understanding is they will be gone Jan 1, 2008 in NC and many other states. The best way to get it if it is available at all, get your credit score (your median one...not Fico but more like Experian)...up to 700. PUT down at least 25% cash and have all your credit info up to date and clean. Worth the extra time it will take later. You will pay a premium rate also...we got 7%.
yep stated, no doc, nina, etc will be gone january 1st!
you will need to document your income ....
Will that be nation wide? a "law" or just a decision on a bank by bank basis? Just wondering who will offer it and who wont, and the rationality as to why..
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%).
Could be the case for seasonal work or 1099/C and S Corp perhaps?
Will that be nation wide? a "law" or just a decision on a bank by bank basis? Just wondering who will offer it and who wont, and the rationality as to why..
State by state. I think NC has passed a law if I remember Banker's previous posts correctly. Here in MN the brokers have been banned from doing them, but those of us in banks can still write them.
I no longer have a source for a true "no doc" anymore where we don't have to report that you have a job/income, but can still do stated, no ratio and NINA.
the problem is that most retail banks dont do alt-a programs.
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