Anyone have any experience with this loan? A loan officer told me that we qualify for it with my hubbys credit score. It is an 80/20 no MI. The ONLY things that worries me is that he said that with the quick and easy loan we do not need to send any check stubs, bank statements or W2's. This year my husbands income has almost doubled. This program requires that you sign an IRS 4506. His income for the last two years was only in the 35,000 range (verse 58,000 or so now). I read that they can FORECLOSE on your mortage even if the payments are not if they do not like what they see from the IRS. I would prefer to give them my check stubs and W2's and explain the difference than to risk them foreclosing ya know what I mean?
So where's the discrepancy? Did you tell Countrywide $58,000? And will you also be filing with $58,000 income. If so, no problem. One caution, however: how's your hubby's credit scores? A Quick and Easy loan may be a "low/no doc" loan. They are ALWAYS higher than a documented loan. So if hubby's scores can handle it, request a fully documented loan instead. BTW, Countrywide has 2 different mortgage companies: one for conventional/prime credit and another for subprime credit call Full Spectrum. Which one are you dealing with?
Countrywide. His credit score is a 710 on TU (that is all they pull unless there are problems with your TU report. The reason that the "quick and Easy" loan sounded good to me is because it is MUCH less paperwork. Not to mention the fact that my funds are limited hence the 80/25/5 loan. He was ready to lock him at a 6.03% rate contigent only on an appraisal.
