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Old 11-08-2008, 03:33 PM
 
Location: Asheville, NC
12,144 posts, read 28,009,409 times
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Are there still no doc loans? This is my dilema, I'll be moving out of state and may or may not have a job at that time. At this point, I'm on worker's comp due to an injury 8 months ago. Therefore, I may not have documentation of income. What are my options? Will they use my WC check as income? I will be putting down 80% on the mortgage. I have excellent credit with very little debt. (1 credit card with a small amount) If I purchase a fixer upper with that 80% to pay the house off, would I be able to get a home equity loan? I only need about 30K.
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Old 11-08-2008, 05:33 PM
 
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There are a few banks that do things the old fashioned way but most will verify emp. you mean 20% down on the house?
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Old 11-08-2008, 07:06 PM
 
Location: Asheville, NC
12,144 posts, read 28,009,409 times
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Quote:
Originally Posted by mortgage king View Post
There are a few banks that do things the old fashioned way but most will verify emp. you mean 20% down on the house?
No, 80% down on the house. I only need to borrow the other 20%.
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Old 11-08-2008, 07:13 PM
 
Location: MID ATLANTIC
8,050 posts, read 19,717,768 times
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I would think the odds are very good finding a loan. More details would be needed, but I do believe it's worth a conversation with a loan officer. Much of our business is done by an automated process that would love to see 80% down. Your biggest problem may be the loan amount is less than some car loans. The worse case is the WC would have to be documented, your job being available upon the doctor's release, and a worse case scenario (long term disability) documented.
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Old 11-08-2008, 07:57 PM
 
Location: Asheville, NC
12,144 posts, read 28,009,409 times
Reputation: 4911
I can document the WC but I can't show my job being available b/c I would be moving out of state.
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Old 11-08-2008, 08:49 PM
 
Location: MID ATLANTIC
8,050 posts, read 19,717,768 times
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Still thinking......do you have any family that can co-sign for you? This is such a low loan amount, I would have a hard time accepting a "no."

What is your situation now? Are you renting? Could this qualify for a second home? Have you resigned from your employer?

And finally, do you really want to put that much down on a home in this market? I kind of have this naive belief that everything happens for a reason, and that it may be wiser to move and rent short term, gauge the market you want to purchase in....watch the sales w/in a certain area and see if they have stopped sliding down. By slowing down, you very well could find a gem, or, your WC/employment situation may change.
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Old 11-08-2008, 09:28 PM
 
4,247 posts, read 9,601,890 times
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Quote:
Originally Posted by SmartMoney View Post
Still thinking......do you have any family that can co-sign for you? This is such a low loan amount, I would have a hard time accepting a "no."

What is your situation now? Are you renting? Could this qualify for a second home? Have you resigned from your employer?

And finally, do you really want to put that much down on a home in this market? I kind of have this naive belief that everything happens for a reason, and that it may be wiser to move and rent short term, gauge the market you want to purchase in....watch the sales w/in a certain area and see if they have stopped sliding down. By slowing down, you very well could find a gem, or, your WC/employment situation may change.
I agree with this. While my house is paid off, I think smartmoney's advice is very prudent. I would rent short term and check out the area. Had I done so, I wouldn't be stuck with a house that won't sell in a place I don't want to live. And by slowing down you truly could find a gem.
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Old 11-09-2008, 08:49 AM
 
Location: Asheville, NC
12,144 posts, read 28,009,409 times
Reputation: 4911
Honestly, we are going to rent for a couple months. That way, when something pops up, we can grab it. I want to be ready. Movin'on, I can agree with you. When we moved out of state last time, we just bought a house. Not that we didn't like the area or home. It was on a 0 lot line which we did not like. We had 5 days to find a house, so we settled for it. Four years later, we ended up moving. We own our home now, but are in the process of selling. My ultimate goal would be to have a paid off house. This will be our forth house in 18 years. I don't have anyone to co-sign. The thing is my credit score is over 800. Does anyone know of any other loans I could replace a mortgage with?
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Old 11-09-2008, 09:25 AM
 
Location: MID ATLANTIC
8,050 posts, read 19,717,768 times
Reputation: 9095
Your last post is the first time you have used the word "we." Does this other person work or have income (even if it's SSI). Chances are you would be approved with high ratios, especially if you can show your housing payment is going down.

As for the score, it's a given and a must with any kind of abreviated documentation. Both Stated and No Ratio require documentation of the job. The old NINA (no income, no asset, aka "ninja loans") no longer exist. If the other party has regular income, it's possible to do a No Ratio loan. Your employment history would be a comp factor, and the down payment would seal the deal. (almost any underwriter will understand this logic, as it's a prime example why this program was introduced). Your rate most likely won't be a fixed rate in the low to mid 6's either. Most likely an ARM about 1% to 1.25% higher than that days fixed rates.

The No Ratios and Stated require credit scores of 720 at minimum to even be considered. Since the markets went into crisis mode, these are the first programs eliminated (many lenders no longer offer these) with even tighter criteria.
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Old 11-09-2008, 04:02 PM
 
Location: MID ATLANTIC
8,050 posts, read 19,717,768 times
Reputation: 9095
Quote:
Originally Posted by liarloans View Post
www.fakepaycheckstubs.com - Is the best way of proving or showing proof of income! Making and creating paycheck stubs and payroll slip payslip is easy using this small business computer software! helping you get the credit you need! Make and create pay check stubs paycheck stubs or paystubs paystub instantly!
Go away. Guess what, you found every site for your spam....and introduction into loan fraud.

It's creeps like you that over-contributed to our current mess.
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