Hi, I wanted to no more info about the no Ratio loans. I am in Conneticut and want to buy a house in the 150/160k range. My pg scores are around 680 average with room for improvement ( I recently paid off all my credit cards but its not been updated yet. ) I can muster about 10.000 for the downpayment and closing cost. Just wondering if this is a possible? I have hard to proof income thats why I need the no Ratio loan. I have 3 paid of collections still showing on my experian and they are due to fall off in mid 2006
Are you self employed or W'2'd? A no ratio is a way of not stating or proving your income. It's no biggy. With your score you can do either one. By stating- some people say it is a "liars" loan, but not always. Either way your rate will be a bit higher for not showing true income. There are a lot of lenders that will do a 90-100% financing stated or no ratio. You will be fine! 680 is a good score for what you are trying to do. Best of luck!
I am self employed. and yes, They told me that stating your income is a bit more risky nowadays and that by doing a no ratio loan you dont have to provide anything but whats on the credit report.
Self employed do stated income all the time. Either way you will be fine. There usually is a hit to the fee of .25%-.75% depending on the lender. Best of luck!!!
By chance you know of any lenders that do No-Ratio in Norwich Conneticut? I am not quite ready to buy yet, but I want to withing half a year, just want to know where I stand.
Are you working with a broker? If not, I can help you when you are ready. There are programs with most lenders.
I dunno how far you are into your loan process with loan queen but I would suggest contacting Country Wide and asking them about hteir "fast and easy" program. Your scores do need to be 700..but you sounded like you were working on those scores. With the 700 credit score and 5% down, you have NO HIT to the rate what so ever and your income and assets are not checked. Combine this with an 80/15 and you should expect a rebate of .250% from the lender because there is a special going on for tandom seconds. Good luck and make sure you shop a few lenders as there are MANY ways to skin a cat and a few minds looking at a particular loan may uncover more options.
Wasn't suggesting that Will. I don't get my borrowers from this site...here to help. There are tons of programs out there, I don't quote rates here...being generic.
Wasn't suggesting that Will. I don't get my borrowers from this site...here to help. There are tons of programs out there, I don't quote rates here...being generic.
"Loan Queen | 144 posts since Feb 2004 209.151.251.251 | 07.24.2004 @ 17:49 Are you working with a broker? If not, I can help you when you are ready. There are programs with most lenders. "
quit trying to drudge up customers both of you. Hey original poster, call a few banks in your area, third federal. U.S Bank , or Bank Of America, I would trust either of those bickering posters. Or you will be re nicknaming yourself "nomtg4me"..
quit trying to drudge up customers both of you. Hey original poster, call a few banks in your area, third federal. U.S Bank , or Bank Of America, I would trust either of those bickering posters. Or you will be re nicknaming yourself "nomtg4me"..
I suggested going to CW direct...and I still do.......there are a host of other lenders available as well but most of them have a "hit" to the rate to go no doc. CW has developed a program that works really well for those that do not have the documentation needed, but that have the scores to prove a good risk for them. On the WHOLE, CW does not have the very best rates, maybe .125% higher than some companies, but the "hit" that everyone else will have for your loan will see an increase of anywhere from .50% to 1.5% to the rate.
