Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

Easy doc loan

Author Message
Icon Mini Profile ajkartist





Joined: 06 Aug 2010

Posts: 2

1.75 Dollars($)
Post Posted: Fri Aug 06, 2010 10:50 am    Post subject: Easy doc loan
Like 0
Dislike 0

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.
Icon Mini Profile jveenstra
jveenstra
Community Expert
Community Expert

best lender badge

Joined: 10 Nov 2008

Posts: 1310
Location: River Edge, New Jersey
274.62 Dollars($)
Post Posted: Fri Aug 06, 2010 2:37 pm    Post subject: Refinance
Like 0
Dislike 0

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???

_________________
John Veenstra, Sr Mortgage Consultant
Approved Funding Corp
Licensed NJ NY CT PA
201-833-0123x278
ajkartist@aol.com

Guest







Post Posted: Fri Aug 06, 2010 10:43 pm    Post subject: Yes, I did mean 07-09
Like 0
Dislike 0

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.
Icon Mini Profile jveenstra
jveenstra
Community Expert
Community Expert

best lender badge

Joined: 10 Nov 2008

Posts: 1310
Location: River Edge, New Jersey
274.62 Dollars($)
Post Posted: Mon Aug 09, 2010 7:08 am    Post subject: California
Like 0
Dislike 0

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.

_________________
John Veenstra, Sr Mortgage Consultant
Approved Funding Corp
Licensed NJ NY CT PA
201-833-0123x278
dai1955

Guest







Post Posted: Tue Jan 24, 2012 8:45 am    Post subject: easy doc loan
Like 0
Dislike 0

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
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10460
Location: Nevada
987.57 Dollars($)
Post Posted: Wed Jan 25, 2012 1:28 am    Post subject:
Like 0
Dislike 0

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
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
Post Posted: Thu Feb 02, 2012 1:48 pm    Post subject:
Like 0
Dislike 0

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.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
Post Posted: Wed Feb 08, 2012 12:58 pm    Post subject:
Like 0
Dislike 0

Bye-Bye, Gary
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.089 seconds.