Does anyone know where I can get a good mortgage, without having to verify my income? I have credit scores between about 690 to 720. Also, I am a first time homebuyer and I'm looking for the smallest down payment possible. Thank you in advance.
It will help if you can tell us why you need a no income verification mortgage. Do you have a job? Self Employed? Hard to verify income? Depending on your situation, there are different options.
Thanks for the reply. I am self employed as an independent contractor and my income is difficult to verify. I am recently out of college and don't have a history of income, but I know that I am now making enough to pay for a mortgage on a house. If anyone can help me, I would greatly appreciate it. Thanks in advance.
If you have good credit (scores above 700), you can go to eLoan.com, or any mortgage broker. They'll be able to give you a no-doc loan with no trouble.
Thanks for the advice. I have a couple of more questions. Since my TransUnion score is my highest, and the one that is at about 720, is there any online mortgage provider who will pull this report and not the others? Also, with this being a no doc mortgage, how will they know how much for which they will qualify me? Thanks again!
Re: Re: No Income Verification Mortgage? All lenders will pull all three credit reports. (with the exception of a few lenders you don't want to deal with). The lender will use your average score of the three. Go here: http://www.eloan.com/cgi-bin/quoteinput?sid=dwVQQsukViCr9kymKSwxzfaP66g&user=&mcode= Fill it out to find out how much you qualify for. In section three, check the box that says you will state your income. You will qualify for a specific mortgage amount based on how much income you say you make. The more you say, the higher mortgage amount you'll get.
Before you submit any app. to Eloan, I highly recommend giving them a call and make sure they in fact are offering the NO DOC loan you are considering. Some lenders claim to offer NO DOC, but they really do ask for some kind of documentation. I did a true NO DOC loan earlier this year, and ruled out ELOAN because it turns out....that they do in fact require documentation. Stuff like a CPA certification stating you are self employed......W-2's.....and other stuff. I **think** Countrywide Mortgage offers a true NO DOC loan at a pretty descent rate.
I am doing a no doc loan now myself. My middle score is 690 and I am having no problems. I was even approved for 100% financing with no documentation. I chose to go the 5% down route. The rate is slightly higher but not a big deal.Try one of the bigger lenders such as Washington Mutual or Guaranty Residential Lending. You should be all set. EdG
Re: Re: No Income Verification Mortgage? Wells Fargo also does a good no doc program. I think they are the largest
Re: Re: No Income Verification Mortgage? You can look at this site for the Wells Fargo info. He's my mortgage gut when I get my scores high enough. www.wfhm.com/wfhm/jeff-winship
Re: Re: Re: Re: No Income Verification Mortgage? I was just stating that not all lenders pull all three reports.
Re: Re: Re: Re: Re: No Income Verification Mortgage? [/QUOTE]Countrywide is well known for being a sub-standard lender that caters to sub-prime borrowers. [/B][/QUOTE] They write standard loans. They have an area for sub-prime called Full Spectrum.
