I need some help with no docs/stated income home loans.
My husband and I are in the process of getting pre-approved for a home loan. I was assigned a loan officer that asked for all documents, W-2, pay stub, bank statements, 401K. I provided him with all documents. He told me he will be using a stated loan because the fact the my husband pays child support will disqualified us. My husband credit is in the upper 700's close to 800 for the highest and mine low 700 lowest 706.
Now here come the question is this loan officer trying to take advantage of us? If we provided proof of income don't we should be doing a full loan documentation? Oh and he is using my credit score vice my husband and he stated the reason child support again, we were approved already for a mortgage but the loan officer was not honest and we backed out of the deal and child supports was never an issue.
I live in the San Diego, CA area.
Can I make this loan officer use my husband score and full loan doc?
Thx
2006-12-30 05:40:16 · 6 answers · asked by mmcpo29 2 in Business & Finance ➔ Renting & Real Estate
Without knowing the full scenario although you described it very well I would state that it may be easier for both of you to go no doc because you dont have to verify the history of your financials. No doc loans are for the very elite FICO score persons who can qualify. Yet, be careful that you are not getting hit with rate charges because you are going No Doc. Some pro's to going No Doc are Quicker Funding Times and Closing Times over the traditional full doc. Child Support is such a stickler to banks and lenders that it can mess up the process of closing a loan. Make sure you can sit down with the loan officer or have the LO answer all your questions in regards to why it benifits you to go No Doc over Full Doc. If he/she cannot explain to you in a way that you can understand than get yourself another LO. Good luck.
2006-12-30 05:54:04 · answer #1 · answered by Openthathouse.com 4 · 0⤊ 0⤋
why make a big deal out of this loan package. get the loan approved and close so the seller won't sue you for non performance of contract. if you don't qualify for the loan with the child support then you don't get loan approval. if the lender uses his credit score then that means they must submit to the underwriter his credit report and then the c.s. issue will pop up and again you'll not be approved. stated income loans are well known.
2006-12-30 06:05:24 · answer #2 · answered by lake living 5 · 0⤊ 0⤋
It depends on how much he makes. However, a credit score that great should not be used with Stated Income. But, if he does not make that much money, or has a high amount of liabilities (child support) that could, and will, affect your loan.
2006-12-30 05:54:34 · answer #3 · answered by cheryl4785 2 · 0⤊ 0⤋
You can't make him do anything, he is only doing his job. find another source to get your loan and ask up front on all relevant info regarding getting the loan. Doc/no docs, stated income, interest rate, points if any, appraisal fee, pre payment penalty. have him put everything in writing so you know exactly what you will be getting.
2006-12-30 05:53:58 · answer #4 · answered by niddlie diddle 6 · 0⤊ 0⤋
no lender will lend an quantity based on your needs or desires. that's a variety game. usually, they take your earnings and prepare a proportion, ie your very own loan (thought and pastime) warmth/sources tax can not be greater effective than ~32% of your earnings, your finished debt provider (above plus mastercard/very own loan/automobile funds) can not be greater effective than ~40 two% of your earnings. as yet another answerer stated, you may no longer use the completed quantity approved by utilising a lender as fees of pastime will finally go up and you are able to desire to no longer have the skill to attend to to pay for the interior maximum loan anymore and default on it. greater effective wager is to purchase a miles less costly(er) homestead and attempt to strengthen it so which you would be able to sell it with a earnings and pass as much as the homestead you truly want that way, or save saving for a huge down cost which possibly is your suited wager (provided that every time you sell it truly is going to fee a collection or funds besides). endure in innovations once you purchase a house that there are greater fees which you would be able to desire to pay like a criminal expert/shifting/land pass tax etc. a private lender could desire to very own loan your an more advantageous quantity, yet you will could desire to learn the words heavily and pay lots bigger fees of pastime, evaluate this very heavily as that's financial suicide.
2016-10-28 17:58:38 · answer #5 · answered by ? 4 · 0⤊ 0⤋
There are a lot of possibilities but because of the lack of info on the scenario I can't say for sure. We need to know a little more info. What is the value of the home? What loan amount do you need? Email me to compare.
2007-01-02 06:35:54 · answer #6 · answered by adam W 2 · 0⤊ 0⤋