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ajkartist · Joined: 06 Aug 2010 Posts: 2 1.75 Dollars($)

I am in california, and I own my home outright. Its value is about 1.1 million+. I owe nothing on it. I did the conservative thing by paying it off, not realizing lending rules would change do drastically. My credit score is about 720, and I am having a hard time finding a lender in Los Angeles who does "easy doc" loans. I have employment, but was out for three years taking care of a family member who eventually died, and so no tax returns in 97-99. Any ideas? I am only looking for about $200K, or 19% LTV.

jveenstra · Posted: Fri Aug 06, 2010 2:37 pm Post subject: Refinance

How long have you been employed and is the income W2?

No tax returns in 97 to 99 was a long time ago. That does not matter. Maybe you meant 07-09???

Guest

So no tax returns for the last 3 years. I just didn't owe anything. But I started working as a contract employee at the beginning of the year for $5K month. They are in Michigan, and I am in CA. I do a lot of online consulting - something I used to do about 5 years ago. I have monthly checks, a contract for 3 yrs, and I also have an avocation where I can earn about $1000 or more a month. Finally, I rented two rooms in my home (an office and bedroom) to smeone, and I get $1,600 per month for those. total: 7600 mo.

jveenstra · Posted: Mon Aug 09, 2010 7:08 am Post subject: California

Shane Milne is in California.

Contact him it:
Cell: 949-322-3616
shane@the besthomeloans.com

See if he can help or point you in the right direction.

There are pockets of self employed stated income loans in Ca. Shane knows a lot. He should be able to advise you properly. I do not know Shane. I can just tell from his responses on mortgage blogs that he is an expert.

Guest

I bought my last 5 houes,s via easy doc, the last being in 2005. If I was to sell my current house and can get enough money for a 15% down, is there anyone doing easy dos's? I also had a chapter 7 a year ago and have a 620 credit score

jameshogg · Posted: Wed Jan 25, 2012 1:28 am Post subject:

Hi dai,

As you had filed Chapter 7 bankruptcy a year ago and have a credit score of just 620, it will be quite difficult for you to qualify for a loan now though you have a 15% down payment for a new home.

Thanks

gmakerley · Posted: Thu Feb 02, 2012 1:48 pm Post subject:

James is right on - with a credit score of 620, it wouldn't make much difference if you have 15% down or 85% down. Lenders won't take a flyer on that sort of score for most conventional loans, let alone a low-doc or no-doc loan.

gmakerley · Posted: Wed Feb 08, 2012 12:58 pm Post subject:

Bye-Bye, Gary

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