2007-10-14 15:31:28 · 4 answers · asked by erika 2 in Business & Finance ➔ Renting & Real Estate
yes some lenders do it at 5% down...but you will have a 3yr PrePay...and you need a high credit score...or your rate will be around 10%.
the more you put down...and the higher your credit score....the lower your rate
2007-10-15 03:30:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The bank I work for does stated income, but the max ltv is lower and you have to have a minimum credit score of 720. LTV is 75%, I think. We don't do a lot of them so it's not on the top of my head. Rates are higher to compensate for the additional risk. You still have to meet debt to income ratios, and show assets.
Another option is a NINA, no income/no assets loan. Again, you have to have a 720 credit score, max ltv is probably about 75%. You don't have to verify income or assets, and the debt ratio won't even be calculated, but the rate will be higher to compensate for the additional risk.
2007-10-14 17:08:04 · answer #2 · answered by Debdeb 7 · 0⤊ 0⤋
If you have good credit (over 680) you can refinance with stated income at 90% of the value of the home; email me at dantaft@bellsouth.net- not to be disrespectful but alot of the answers on this question are poor; I work with over 300 banks and I can definitely help you
2007-10-17 10:26:26 · answer #3 · answered by Mr. Mortgage 1 · 0⤊ 0⤋
It's pretty hard right now but if you have good credit and good amount of assets you should be just fine, if you have any questions I'm a Loan officer I will be happy to answer any questions you might have.
2007-10-14 16:10:16 · answer #4 · answered by charlie s 1 · 0⤊ 0⤋