I was wondering if there is anyway to get a mortgage based solely on cedit score and not have to provide employment info?? (Wouldn't mind if rate might be higher) THANKS!!
2007-07-15 06:10:48 · 10 answers · asked by Angeleyes78 3 in Business & Finance ➔ Credit
If your score is high enough (say over 720), you can get a loan program called a "fast and easy." Employment is not verified (however you still have to put that information on the 1003 loan application), income is not verified and in some cases, your assets are not verified. Countrywide has this program but they are very slow to process.
2007-07-15 09:45:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, these are called "No documentation" loans and the requirements are usually a mid-score of about 740 or better, and found only with A-paper lenders.
These are different than stated income loans where you "state" your income, but you have to have the length of your employment verified.
On a true, No-Doc loan, you don't even list a job, income nothing.
These are not common loans, so be sure to get a loan officer to check on these before he tells you no....this is a Fannie Mae product that was designed for people who are unconventionally employed where tracking this information is extremely difficult.
2007-07-15 13:52:20 · answer #2 · answered by Expert8675309 7 · 0⤊ 0⤋
Actually, there is.....a NINA....no income, no asset verification, or "no doc" loan. They are not as easy to get as they were a year or two ago, and I would advise some real number crunching on your part before seeking this type of loan, as just because someone will lend you the money, doesn't mean you can afford it, case in point-the subprime meltdown. You can probably find a broker who can hook you up with this type of loan, as long as your score is good and you are putting some money down......be careful!
2007-07-15 13:32:32 · answer #3 · answered by Cara D 2 · 0⤊ 0⤋
Actually, it may be possible.
I know here in Canada, you have what is sometimes called a "no doc" or "self stated" mortgage. It's for self employed or commission sales people whose income is sometimes more than they may claim for taxes.
If you have very good credit, you just have to tell them what you make.
I'm sure there must be an equivilant in the USA, or wherever you live.
2007-07-15 13:20:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, it is called a "no doc" loan and they do not ask you about employment or assets, however, these types of loan do require a larger than normal downpayment and higher rates, as you know.
2007-07-15 13:47:43 · answer #5 · answered by Etta P 4 · 1⤊ 0⤋
No, they typically ask for your past months pay stubs to prove you are working and can pay your loan. The credit score will only determine your type of loan, interest rate, etc...
2007-07-15 13:26:42 · answer #6 · answered by Anonymous · 1⤊ 2⤋
There are "stated income" loans for self-employed folks.
2007-07-15 13:42:23 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Uh, no. They have to make sure you can make your house payment so they don't have to go to all the time, trouble and expense to repossess your house.
2007-07-15 13:14:34 · answer #8 · answered by nurse ratchet 6 · 1⤊ 2⤋
hmmm someones a drug dealer lol
2007-07-15 17:39:07 · answer #9 · answered by Anonymous · 1⤊ 0⤋
no ................. employement is the key to any loan.
2007-07-15 13:18:18 · answer #10 · answered by Michael M 7 · 0⤊ 3⤋