State Income Mortgages and No Doc Mortgages For Your Situation [10to5mortgage.blogspot.com]
Stated income bad credit mortgage loans might be coming back. No income, No Asset, No Equity, Bad Credit loans coming back? Say it isn't so! Do we not learning anything from the subprime crisis last time? Well Dennis Cardoza a democrat is pushing for it. Also, how to protect yourself from mortgage fraud by having a title insurance policy. Want a free house? All you have to do is haul it away. www.rmilending.com, Rich Iacovetta. RMI Lending
10to5mortgage.blogspot.com Stated Income Bad Credit Mortgage Loans Coming Back? Do We Want Subprime Loans Again?
Is the mortgage market ever going to go back to normal? The stated income and the no doc mortgage will be the top options in the next couple of years for new home loans and refinances. These types of loans have changed their requirements over the last few months and getting a stated income or no doc mortgage has become even easier than it used to be. The credit score requirement has become a bit lower and the other requirements have also become a bit easier.
A few years ago you would have only been able to get about 70% loan to value on a stated income program, and would have needed a 620 credit score to qualify for such a loan. This has changed quite a bit over the last few months and mortgage companies are getting a bit desperate for business so they are willing to loan more money to those that have trouble proving their income like tipped employees, self employed individuals, and independent contractors.
When the no doc mortgage came into play about 20 years ago they were designed specifically for the self employed borrower that has a lot of trouble proving the income they need to qualify for a conventional mortgage.
We have just entered into 2008 and the foreclosure rate continues to grow. If you have good credit and have income that is hard to prove, then it is time for you to ask your mortgage professional about a stated income program or a no doc mortgage. This will give you the leverage you need in order to get the loan you need and stay away from foreclosure. Suggest State Income Mortgages and No Doc Mortgages For Your Situation Issues
Question by PlasticTrees: What would happen in the scenario of a no income stated mortgage? We are wanting to liquidate a mutual fund of 21k, to buy a house for 20k appraised @ 56k. If we do this we will be broke for awhile and would like to take a no income stated mortgage out. Is that possible? Or is it only for people that don't own their home? don't own their home=having a mortgage in place @ the time of taking a no income stated mortgage Best answer for What would happen in the scenario of a no income stated mortgage?:
Answer by Louiegirl_Chicago
i think you should write to my address as shown on my profile page, being more specific, because: based on the scenario you provided, if you cash in your mutual fund and buy a house for 20k, you will still have $ 1,000 left, correct? you would make a cash purchase of a house valued at greater than what you pay for it, yes? or am i not understanding something here? why don't you make an offer for $ 20k with a contingency that you have the time you need to cash in the fund? promise earnest money, too. be sure to give earnest money, even if in the form of a promissory note!!! the higher, the better. would i purchase that house for $ 20k if it's valued at $ 56k by cashing in my mutual fund? yep, sure would! there are zero down mortgages all over the place. if you buy that house, then you can rent it out, in effect, bringing in income. i do not understand what problem you are talking about here.
Answer by Scott B
There is no such thing as a "no income" mortgage. You probably mean "stated income" mortgage. You absolutely can get a stated income mortgage to purchase the property, which would most likely be better than liquidating your mutual fund. Please let me know where you are buying a house for $ 20k!
