Forgotten Your Password?

Need to Register?

Question Icon

Need a NO DOC loan for a property in the San Diego area.

by felix477 from South Yarmouth, Massachusetts. Sep 14th 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

No such thing.. 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..." Do you still think there are Stated Income Loans available? Well sort of.. When it comes to conforming lending, (FHA, VA, USDA, Conventional), they will ask for pay stubs, taxes, w2's etc if your looking to purchase.. there are exceptions to this rule but it primarily has to do with refinancing, not purchasing.. .. however hard money lenders will interpret these laws differently, or much less stringent.. So, if your looking for a HARD money loan, you can probably find someone who will accept 12 months bank statement as proof of income.. but you'll still need 30%-50% down, and expect to pay 6%-10% or more.. 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. 480-287-5714 WilliamAcres.com

Sep 14th 2016
1
0
Bill Cook (loanpro)
#631 ranked lender in California - 43 contributions

We have No Doc loans for investment properties and "low doc" for owner occupied and second homes."Low doc" means no tax returns but you still must provide one year's worth of bank statements showing income or have substantial liquid assets of $750,000 or more dependng on the price/value.loanshoppers.netWilliam714-475-3567

Jan 10th 2017
0
0
Subscribe to our news feed.