Would appreciate a lead or two on national brokers who can make a no doc mortgage loan happen. I've visited quite a few mortgage sites and am about ready to take the plunge. It would be nice to get some input here. Basically, I'm looking at acquiring a double-wide and a small piece of land. Probably a total expense of about $65,000. Anyone know of any no doc programs to accomplish this? I'm self-employed and have excellent credit. Exp. = 765; TU = 755; Eqi. = 750. Info I've seen on the web indicates the interest rate for no docs are one to two points higher than conventional mortgages. Can anyone attest to this? Anyone know what type of down payment I'd need on a $65,000 loan? Thanks, Mo
Hi Maurice! I can help you with this one. I'm closing on a No-Doc loan this week and I too am self-employed. It was very easy. My scores were in the 700's also, but lower than yours. I am closing at 7.8% on a No-Doc refinance. I would love to have something in the 6's, but at this time I am happy with this. The % rate is half of what I'm currently paying. Look up Market Street Mortgage/Leader Financial. They have offices all over. They are so great to deal with. They use the Fannie Mae desktop underwriter, so they don't weigh to heavily on credit scores, they look at the overall picture. How long you have been at job, paid bills, etc.
Anesthesia: Thanks for your input and leads. I've been self-employed in the same trade for 11 years. Your rate doesn't sound too bad, considering some of the loan people I've been talking with say that 8.5 percent isn't unusual in no doc situations. I'd be pleased if I got your rate and would be thrilled if I came in at 7.5 percent. Again, thanks. Mo
Re: Experience with no doc mortgage What's this about a "No Doc" issue? I'm offended. Doc P.S. Sorry.
Re: Experience with no doc mortgage What kind of no-doc are you talking about? I did one with no tax returns, just 12 months bank statements and got a 6.25 rate about 2 months ago. My FICO is 680 and I have a prev BK..... You need to talk to a variety of mortgage brokers. Someone will have a good product for you.
Re: Experience with no doc mortgage Thanks, CredtQuest. This will be a mortgage loan for a double-wide and a small parcel. Can your broker do loans in all 50 states? You got an excellent rate. Mo
Maurice Are you talking about a stated income loan or are you looking for a true no doc loan where the only thing the lender looks at is your credit report and your application with no job or asset info on the app and not used in the calculation. With your scores you should have no problem qualifying for either, however, the true no doc loan will have a rate in the 8-8.5% range. A stated income can be gotten, depending on which state you are in, about 1% lower. Good luck. fla-tan
Thanks, Fla-tan. I guess I was using stated-income and no doc interchangeably. I'd be willing to state my income if I could save a point on the note. What I'm looking for is the loan that won't create a paperwork headache. I went in to discuss this with my longtime bank and was told I had to produce three years' worth of tax returns just to get a rate of 7.5 percent. My bank doesn't even do no doc or stated-income. One basically has to account for every penny of income, and my bank said it required the entire tax return, including all schedules. They also want 20 percent down before they'll touch me. I said I could do 10 percent, and they said no dice. Mo
Check out Wells Fargo. They have a stated income loan program that has a very competitive rate. Good Luck!
Mo How long have you been self employed? Lenders normally will require that you have 2 years in self employed status within the same work arena. If you wish to, email me off board and I can go into greater detail. fla-tan
