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anyone still doing no doc loans

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Icon Mini Profile altanivel





Joined: 03 Feb 2007

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Post Posted: Mon Nov 19, 2007 12:20 pm    Post subject: anyone still doing no doc loans
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for no doc, I mean no employment or income on the application. have assets of $200K and trying to only put down 10% on a $500 to $550k home in FL.
Icon Mini Profile banker0679

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Joined: 15 Nov 2007

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Location: Charlotte, North Carolina
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Post Posted: Mon Nov 19, 2007 4:17 pm    Post subject:
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depends on if it's an investment property....and your credit score
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Icon Mini Profile jenkin7
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Joined: 04 Jun 2007

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Location: Hawaii
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Post Posted: Tue Nov 20, 2007 12:19 am    Post subject:
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Hello Altanivel,

What is your credit score? That will decide if you can qualify or not.

Are you planning to go for a verified liquid assets loan?

You may have to pay PMI in such cases. You have to shop for lenders to get a reasonable rate.
Icon Mini Profile evolovik26
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Post Posted: Wed Nov 21, 2007 7:37 am    Post subject:
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Yes you will need 20-25% down however
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Icon Mini Profile livinginnky
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Joined: 08 Sep 2007

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Post Posted: Wed Nov 21, 2007 10:39 am    Post subject:
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It all depends on your credit. Lenders really don't like no doc loans, especially in this market. What is your credit score? and What does the credit history look like? late payments? judgements? BK? If you have very good credit you should be able to do what you are asking.
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Icon Mini Profile brad



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Joined: 17 Dec 2007

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Location: Florida
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Post Posted: Wed Dec 19, 2007 7:22 am    Post subject:
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Yes there are many lenders participating in these programs but you will need 25% down and credit scores of 700+
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