I want a mortgage for less than half of the last appraisal and am self employed. Shouldn't this be easy when I want a $175K mortgage on a $425K house? What DO they check on a no-doc loan?
2007-07-20 06:18:55 · 9 answers · asked by BillyTheKid 5 in Business & Finance ➔ Renting & Real Estate
You won't have a problem if you have a good net worth and credit score. I got one when I could have proved income but they didn't require any income at all if you were borrowing less than 70% of the value of a single family not in a trust and had a credit score over 720.
2007-07-20 06:33:18 · answer #1 · answered by shipwreck 7 · 1⤊ 0⤋
It's all about the credit score in that case, but with that LTV it shouldn't be a problem, most banks the lowest they will go is 680 credit score. Why go no doc, if you are self employed you could go stated income and just show bank statements or a letter from your accountant. A no doc loan is just that, a loan with stated income stated assets.The bank wants to see employment for two years, that's the other big one. So a VOE from your employer.
2007-07-20 13:40:49 · answer #2 · answered by marxistharpist 2 · 0⤊ 0⤋
If you are self employed and have a licence or can provide a CPA letter it is better to do a sisa (stated income stated asset) program the rates are better than a no doc program. With boh you need to have good credit. On a no doc program the bank looks at the appraisal and credit. On a sisa program the bank will make sure you do work and that is why you would need a business licence or CPA letter I am a broker in the states of CT, RI, NY, and MA if you are in any of these states you can email me at courtney@providencemrtg.com and I will get the loan done for you.
2007-07-20 13:42:18 · answer #3 · answered by courtney02908 2 · 0⤊ 1⤋
The factors that most banks will consider are the following credit score, appraisal value, title, LTV (loan to value ratio), credit history, and if you have 12 months bank statements you can qualify for a lower rate. You can get this loan closed in 7 days at www.restructureyourmortgage.com Best of Luck.
2007-07-20 14:26:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You should have no problems getting it, you will need a credit score of 700 or better. The credit score requirements have been raised recently in spite of recent Sub prime troubles.
But basically in a No-Doc loan a credit score, appraisal report and a clean title are the only requirements.
2007-07-20 13:31:34 · answer #5 · answered by Alexander K 3 · 0⤊ 1⤋
They'll need to see your ID (driver license, etc), and will check your credit, a recent appraisal and title work.
2007-07-20 13:41:33 · answer #6 · answered by kathy p 1 · 0⤊ 0⤋
You may have to provide bank statements showing that you do have income. Also, credit score is important. If it is too low you will not qualify for a no doc.
2007-07-20 13:31:21 · answer #7 · answered by sunrisecitycarpets 2 · 0⤊ 2⤋
Mostly they'll be concerned with whether or not you have the income necessary to pay them back every month. As long as your debt-to-income ratio isn't too high and you have decent credit someone will give you the loan.
Have a great day!
2007-07-20 13:27:58 · answer #8 · answered by ? 5 · 0⤊ 2⤋
Perfect credit is the main requirement.
2007-07-20 14:50:16 · answer #9 · answered by Anonymous · 0⤊ 0⤋