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no doc loans

i have a 720 credit score i want to buy a home 120000 put 30 percent down how does it work by briala_406_242 from Haddon Heights, New Jersey. Apr 18th 2012 Reply


Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

For all intense and purposes, that animal no longer exists. Due to changes mandated from Washington, lenders are now required to validate the ability of a borrower to repay the loan, which effectively wiped out the No Doc loan programs. My advice is to contact a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She will be willing to look at your situation and guide you how to obtain a loan perhaps with limited documentation, or connect you with a hard money lender that may be willing to advance such a loan with their own funds, although at a significant cost to you. Make sure you check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Apr 18th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,333 contributions

There is no such thing as a "No Doc" Loan anymore.. according to congress, that's part of why we are in this real estate mess to begin with, which is why it's now illegal. Going hard money on a "non owner occupied" property, you would get very relaxed doc's.. meaning a bank statement showing a monthly deposit being enough to cover the payment would be sufficient, however, 30% down wouldn't be enough.. the rates would be higher and the fees would be ridiculous.. for the better rates and lower fee's you need to do some sort of conforming loan.. ie, FHA, VA, USDA, Conventional.. all of which you would have to provide tax returns, pay stubs, and bank statements.. best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders... the LOCAL broker is familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Apr 18th 2012
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