I haven't been in the mortgage world for about 4 years - is there really a No Income Verification Program out there with only 5% down? When I was in the business, you needed 30% down.
Re: NINA and similar Unfortunately mortgage programs change on a very regular basis. Guidelines are set by the investor loaning the money. If there is a book about mortgage programs it would be obsolete in a matter of months. The best source of info is a good broker. They get program updates on a regular basis from lenders trying to solicit business from them. I get updates on my competition from my brokers all of the time. Being in the industry I keep updated on most non-conforming programs and I am a regular poster here so keep asking me as many questions as you can come up with. If you have info you don't want posted in public feel free to e-mail me. Here is a short summary of documentation types: Full Doc- 2 yrs 1040's or w-2's and most recent paystub. Alt Doc- 24 months bank statements (use a 24 month average of deposits) Lite Doc-6 to 12 months bank statements depending on lender Stated Income- State on the app. what your income is (must be reasonable.) NINA-List employer but no income. D/R not calculated. No Doc- List no employment info at all. Each scenario affects your rate differently so shop around for the best program. Class dismissed. Good luck. CF cforney@premierloans.com P.S. If there are any other areas you want info about let me know.....
Kristy, In the last 4 years things have changed a lot. We have stated programs that go to 100%. The NINA goes anywhere up to 97%. With all of the new score driven programs available people with good scores can get away with almost anything as far as a home loan goes. CF
Thanks!! When I called the mortgage company, they said I had to have a 720 to even GET a NINA loan, and that rate would be 9.5%, no allowance for good credit. They also said that the 5% would need to be seasoned (you mentioned in your previous post it did not). I would jump all over this if I could get a rate closer to 8% with lender paid PMI. I used to sell mortgages for a bank (I knew just enough to be dangerous!). Now I am a consumer lender, so I think I am a little more educated than the average consumer, but there are new programs coming out all the time, so I am so glad that you are here!! Shanna
Wow that 720 sounds high. Our 95 NINA I can get away with down to a 620 mid score and still keep the rate in the 9's. I'll see if I can find more lenders that use the same investment group we do. If I hear of any new niche programs I'll keep y'all informed. cya, CF
Thats what I thought. I found some info on Community Home Mortgage Corp. online. They have a 97% LTV program that requires a 720 CS, with lender paid PMI it is at 9.125%. I have not called them yet, and I am going to keep looking. Thanks again for your help!! Shanna
Re: good mortgage broker I am in Central Fl & have been looking for a mortgage broker. My problem is basically opposite I have the verifiable income & assetes, but not able to do 20% down & disasterious credit reports. We are working on cleaning the reports up. It is slow going. Our lease which is non renewable is up the end of Oct. So we are on a mission to get a home before then. We don't mind paying a little higher to get in to the home knowing we can refinace in 6-8 months to a better interest rate. We have not had much luck because of the credit reports. You name it's on it & 95% wrongly reported. Making them worse then they are. The bad credit is 2 years or older. I do have documents to prove the inaccurieces. If anyone one can suggest someone in my area I would appreciate it. Thanks. Becky
Re: good mortgage broker That sound like an FHA loan to me. You need two years of clean credit and two years job time. I have always found that builders are very creative at getting people into homes. They can use sweat equity to clean up any outstanding debt. Of course that means you are going to be in a development. FHA requires 3% down. The number one thing is can you afford the payment. If you or your partner are veterans you should look at a VA loan. They are the best thing since sliced bread. 100% financing at conforming rates.
Re: NINA and similar You know that 401k's, mutual funds, IRA's etc. all count as liquid assets. I have seen FNMA approvals that just want current paystubs. Very rarely are 1040's requested on a W2'd employee. FNMA loves liquid assests. I got a guy approved with a 62.5% back end ratio. He was self-employed and had a 750 middle score. Good credit and assests go a long way.
