Need loan on NOO property with 730 score

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Need loan on NOO Property with 730 score. What's the highest ltv that I can apply for in Alabama. The loan can be full doc and I would purchase a single family residence. I would need more than $240,000.

evolovik26 · Posted: Wed Oct 24, 2007 8:11 am Post subject:

I can do 90% (id have to check for 95%) on a full doc N/O/O im not sure if there is any that allow 100% anymore.

livinginnky · Posted: Thu Oct 25, 2007 5:26 pm Post subject:

90% is the going number. Your going to have to be strong in all areas for that even.

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What could be the possible loan options can anyone highlight on those options?

livinginnky · Posted: Fri Oct 26, 2007 8:56 am Post subject:

NOO borrowers have the same options as an owner occupied purchaser. The difference is the qualifying criteria will be more strict.

You need some basics to qualify...
1. Stong income history
2. Lots of assetts
3. Proven track record on rental properties (not mandatory but it helps alot)
4. 10-30% down from your own funds
5. No bad credit (late pays, collections, etc.)

There is more but you definately need these to get started.

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Thanks Eric for all that details.

Strong income histry: you mean a high credit score and how much high? or a good record of payments?

Assets: why type of assets can be counted as helpful to get qualified?

Sorry, I'm foolish about all this stuff, and have lots of questions i guess.

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Your not foolish. What would be foolish is not asking questions. Some people laugh at me for posting to sites like this. They say I am wasting my time. You know what? I learn something everyday and get to help people while I better myself as well. Do you think that is foolish? No... me neither.

When I say strong income history I mean... the lenders look at job time and income more than on an owner occupied purchase. Say you need to be self employed for 4 years instead of the normal 2. If you are trying to use rental income from the property you need to show a history of succesful rentals.

Assets are anything that you could potentially cash in for money. They can be money in a checking or savings account, 401k or any kind of retirement account, paid for properties, stocks, bonds, etc. etc. The catch is you have to prove that it is your money. And take for instance if the money is in a checking account you will have to prove (with a form from the bank) that the money has been in your account for more than 2 months (typical to ask for up to 6 months proof) and was not deposited recently by a third party.

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That was me above

Eric Matthews

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Ok I do understand all your points. And let me tell you Eric, you have been of great help to me. And, you're doing some great work by helping people who are not even aware of mortgage and stuffs like that..people like us really need samaritans like you Smile

jenkin7 · Joined: 04 Jun 2007 Posts: 887 132.55 Dollars($)

Hello Garcia,

You may get 90 - 95% ltv as your credit is good.

The other important factor is your debt to income ratio. It will be easier for you to qualify if the ratio is below 50%.

You should shop for a while to get the best offer.

chrisburns · Posted: Tue Nov 13, 2007 8:28 am Post subject:

With good credit (680+) I can get you 90% Stated income verified assets on a NOO purchase or R&T refi.

I think 90% on NOO is about as high as you will find.

Let me know if you need further information.

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