Is there such a mortgage?

Sure, just go to eLoan.com and get a no-doc loan. You'll need to lie about the income, but they won't require verification...other than for you to prove that you actually work somewhere.

Of course, if you get caught lying, it's a Federal crime. However, don't worry....if you do get caught, you'll get a free home to live in.

 

You know what, too much, I have about had it with you.

Your holier than thou b.s is not welcome here.

What kind of person insists on coming back to a place where they're not welcome?

 

Re: Re: Is there such a mortgage?

So, you don't agree with my advice?

Or, you don't like the way it's presented?

 

Re: Re: Is there such a mortgage?

Not even knowing the ins/outs of no doc mortgages, I can't even say whether or not the "penalties" you mentioned are even accurate.

If someone could PROVE their income, why would they need to go no doc in the first place?

No doc mortgages are usually at a higher rate BECAUSE of the risk the bank is taking. They know damn well that most people aren't making what they claim.

If they did, they'd go conventional.

 

Re: Re: Re: Is there such a mortgage?

When you complete a no-doc mortage application, you put down an income amount. That fact that you don't have to prove it does not relieve you from the responsibility of providing a truthful answer about how much income you receive.

If you lie on a mortgage application, it's a Federal crime. The documentation/no-documentation part doesn't matter.

Will the poster get caught if they lie? Probably not... However, if they do get caught, the bank could get nasty. Also, if they default on the loan, and the bank finds out that they lied, it could get ugly.

It's a risk that isn't worth taking, in my opinion.

Live within your means, and sleep well at night.....

 

Re: Re: Re: Is there such a mortgage?

NOBODY IS GOING TO GO JAIL FOR IT!!!

The courts have bigger fish to fry...

BUT if you were to STOP PAYING, (ON TIME) they will ask questions...

 

Re: Re: Is there such a mortgage?

Yes, there is. I told you where to find it in the first post. Or, just go to any good broker and explain your situation.

Besides, you don't need a no-doc loan. You need to go to a mortgage broker and tell them the truth. They are familiar with dealing with people who make income from bonuses.

As long as you have good credit, there are plenty of lenders who will write you a loan.

 

Re: Re: Is there such a mortgage?

You can count bonus income, you don't need to go no doc to get your loan.

I would suggest, however, that if you're not sure of that bonus income, that you scale back the purchase, or at least wait until you've built up some healthy cash reserves.

Too Much is correct when he says to go to any good broker and explain your situation. It's their job to find the right loan program for you.

 

... if you have a bonus as part of your income (my bonus scaling account for about 30% of my income) all you have to do to "estimate" is look at the past 3 years of you bonus and salary history or so and get an average. Any lender would think this is reasonable.