M&I Bank No Doc Mortgage?

Question

Can anyone tell me if M&I Bank offers a No Doc mortgage loan?

Sorry,I forgot important details. The Purchase price of the home is 525,000.Value is around 600,000,and we will be putting down 33%. We can do a full doc,but my husband has a lot variables and perks on his income.Cars,some income is W2 and some is reported as dividends.It is just such a pain in the neck. We fax for 2 days. He has about 150,000 in his 401k and we have a bank balance in the mid 400's. Not trying to be "showy" but based on the above,I just want to go ditectly to the best lender out there,and not waste a lot of time with others.

Answer 1

depends every lender has been changing their guidelines every hour! make sure you speak to the right broker!

Answer 2

No Docs are much harder to come by because of the problems the mortgage companies have had over the last year. As mentioned, ask the loan officer and talk to your Realtor. Just be very careful of the junk charges that some lenders have on their loans. That interest rate may not really be as good as you it looks. Talk to more than one lender and shop their rates. Having several mortgage companies pull your credit in a 2 to 4 week time frame does not pull your credit score down. And be extremely careful if you are buying new construction and the builder tries to force you to use their lender in order to get upgrades and closing costs. Nothing's free so you are paying for those in the price of the house, with a higher interest rate and assorted junk charges.

EDIT: As the last poster mentioned, we are scattered everywhere and I am also not familiar with M&I. Shopping a loan doesn't take long. A few simple phone calls is all it takes. They take your name, SS# (be sure they are credable lenders), address and DOB and they can run a credit check. From there, they should quote you a rate plus give a Good Faith Estimate of all costs (if you qualify) and you can choose the best one. Documentation comes after you have chosen the lender and actually make application.

Answer 3

Most of us on this forum live in a lot of different states. I am not aware of the state you are living in nor do I know of M&I Bank.

The best thing for you to do is call M&I and ask if they have a loan program for "No Doc's".

You might also ask if the what the term "No Doc" means to them.

There are some lenders that have "No Doc" which means you will not have to verify income, but you must verify assests.

Then there are some that have no income or assest verifications. This will cost you more in interms of points and possible fees. You also have to have a higher credit score to qualify for most of these loans, though there are some that go as low as 620, however most are 680 and above.

Your best bet to get a mortgage of this type is to contact a local mortgage broker by looking in your telephone book. They have many underwriters they can go to for such loans. I some instances you might find them to cost less.

I hope this has been of some use to you, good luck.

"FIGHT ON"