I am looking to apply for a mortgage in the next month or two.....depending on Experian's investigation. EQ is 735....should be at 800 after my balances are updated by Capital one, Tu is 756 and waiting on Experian to finish investigation and delete a few accounts (had to send them the ca's letter to delete after they supposedly "verified" the accounts), hopefully will end up close to 700. The problem is I have only been at my job for a month....in the industry for over 10 years. Because of some medical problems I did not work for 2000 and 2001 and I did not file taxes for 2000 or 2001. no w-2's. This is a refinance, I took over house payments from my parents 7 years ago when I moved in and am ready to transfer the house into my name. I have about 7-8 months reserves, good credit, am looking for a loan to value of about 60% (market has really appreciated here), and meet the debt to income ratios. The only problem is that I have only been at the job for the last month. Do you think the other positives (LTV, reserves, good credit) overshadow the job situation???
I don't think with your scores you will have too many problems. If worse came to worse, you could get a no doc loan. The APR would probably be a little higher than on a regular conforming mortgage though. Gib
Cinderella, I wouldn't worry about getting approved, with those scores you can pretty much get what you want. You will have to do a stated income loan. Your lender wont check your W2's or tax returns. You will however have to pay a higher rate (1-1.5% over prime) I would check with Commonwealth United or Wells Fargo Expanded Approval program. I would call the lender directly you will probably get a better rate only because most brokers are going to want to charge you some points or raise your rate, so the lender will pay them. You may be able to get a better rate through an honest broker because they get wholesale rates and a no income loan at 60LTV is a slam dunk as long as you can prove you been making the payments. Good Luck.
Cinderella The type of loan you are going to want is called a NINA or NINANE loan. NINA stands for No income no Asset loan and NINANE is NINA with No employment. your scores will allow you to qualify for this type of loan and that means that your lack of recent job history will not adversely affect you. Yes you will pay a higher interest rate than otherwise but nothing will be checked. The problem with a stated income loan is that while all you do is state your income and that is accepted, they do verify your employment and the fact that you had none for both 2000 and 2001 will get you disqualified. You will have better chances of qualifying if you go through a reputable broker rather than directly through a lender. With a lender, they only look at their program. With a broker, you get the benefit of their ability to work with mulitple lenders. Also most lenders won't offer a NINANE loan and just a few more offer a NINA loan. Good luck and if you wish, you can contact me off-board. And yes I am a mortgage broker. fla-tan
all you need to do is click on my name at the head of the post and it will take you to my email address. Or you can just type in fla_tan@hotmail.com which ever is easier. fla-tan
am looking for a loan to value of about 60% | cinderella +++++++++++++++++++++++++++ There are 2 things I don't like about this It lets the lender be over collateralized. You have two much at risk for funds received ```````````````````````````````````````````` Another thing I like to do is get the longest term with the lowest payment but pay the same monthly payment you would pay for a shorter length loan. Gives your more flexiblity to managr your budget. Also get more money than you need so you have some reserve to cover an unexpected event.
