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I'm self employeed and looking for no doc home loan for first time buyer in Nebraska...and ideas?

by kelleysoup282 from Omaha, Nebraska. Mar 23rd 2016 Reply


Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 213 contributions

I don't know if this company is located in your area, but Angel Oak does no doc loans of bank statement programs for self employed individuals.

Mar 24th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,788 contributions

No such thing.. Stated income loans are illegal.. The Financial Reform Bill HR4173 signed into law by President Obama on 8/1/10 outlaws stated income and no doc loans. Section 1411 reads: ''(4) INCOME VERIFICATION.--A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability, including expected income or assets, by reviewing the consumer's Internal Revenue Service Form W-2, tax returns, payroll receipts, financial institution records, or other third-party documents that provide reasonably reliable evidence of the consumer's income or assets..." Anyone saying they can do it, is deceiving you.. Some hard money lenders interpret the rules differently and require relaxed documentation, but you have to prove you have enough income to satisfy the debt obligation.. These HML's typically have higher closing cost and fees as well as larger down payment requirements.. and most always have a balloon payment due in 2 to 5 years. My advice.. Go file your tax returns and be sure you have enough income showing to qualify for a mortgage... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Mar 24th 2016
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Jamie Lynne (nationwidelenderforyou)
#142 ranked lender in Texas - 575 contributions

We offer a bank statement loan for self employed individuals nationwide. If you can show 24 months of regular deposits that will support your new loan and your current debts, we can approve you utilizing your bank statements, your credit report and proof you are self employed. This program goes down to a 500 credit score and we offer 15, 20 and 30 yr fixed rates along with ARMS. You will need at least 20% down. We also offer NO DOC loans, but this is only for investment properties. If you are purchasing the home as a primary or secondary residence, you will need to show bank statements. Feel free to contact us at 800 315 8803, we lend nationwide.

Mar 28th 2016
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