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londar_pegues · Joined: 10 Jun 2009 Posts: 1 1.53 Dollars($)

I need information about some No Ratio Programs.

eric1 · Posted: Wed Jun 10, 2009 7:25 pm Post subject:

Londar, they are all but gone now. However, there are still stated income programs. It will depend upon your scenario and where you are located.

gmakerley · Posted: Thu Jun 11, 2009 8:50 am Post subject:

precisely as eric noted, the specifics of your situation will allow someone to point you in the right direction. purchase/refinance...primary residence/investment/second home....credit score....these are critical items for someone to be able to tell you if you might be successful in your search.

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

I know of one lender who still does the no doc/no ratio stuff but they are geographically limited and like George and Eric mentioned we would need alot more info to see if you fit their criteria

jnoa · Posted: Thu Jun 11, 2009 9:11 am Post subject: Depends

It is possible to do a no ratio if you are currently in an FHA or VA and doing a rate and term streamline refinance, otherwise as everyone else said, they are almost all but gone and left to few local lenders.

gmakerley · Posted: Thu Jun 11, 2009 9:26 am Post subject:

jesse, well put. i hadn't even thought of that, but it's the rare borrower who'll be in that category looking for such a loan, i suspect.

robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.48 Dollars($)

seeing present market scenarion, difficult to get theses days

JKennedySLG · Posted: Thu Jun 11, 2009 10:58 am Post subject:

No Ratio Loans are available locally through regional banks. They come with a higher rate of interest and are not your first choice thats for sure. No Ratio programs in my area are limited to very low Loan To Values (around 55% Max) and require a half-decent credit score(601+). They are all manually underwritten on a case-by-case basis so there is no guarantee for approval. I hope this helps...

gmakerley · Posted: Thu Jun 11, 2009 11:11 am Post subject:

601+??? james, they didn't do them with scores that low in the old alt-a days! was that a typo or are you dealing with a peculiar set of lenders?

JKennedySLG · Posted: Thu Jun 11, 2009 12:16 pm Post subject:

Yes George, 601+ credit score is high enough with my paritcular reginal lender which I was speaking of. As I also stated the rate of interest is a bit higher and the Loan To Value ratio is limited. I hope this helps...

gmakerley · Posted: Fri Jun 12, 2009 6:57 am Post subject:

wow - so we better get ready for a whole new stream of subprime lenders, subprime mortgages, etc. to go south, eh?

honestly...i think that's kinda scary.

Posted: Fri Jun 12, 2009 11:41 am Post subject:

I don't think its as risky as it sounds. someone with 40% equity in a property is going to avoid at all costs losing that property and if they do lose it the bank will happily sell it for a gain. the main problem of the subprime era came from the 100% financed properties and the borrowers who had nothing to lose by not paying.

on those no doc loans they usually require that the mortgage has no lates for at least 12 months

gmakerley · Posted: Fri Jun 12, 2009 12:03 pm Post subject:

there's not a lender in this nation that would "happily" take a property back and perhaps sell it for a gain. in this economy? please.

i don't quite get the reference to borrowers having nothing to lose, either. if these people who struggled and neglected to pay had nothing to lose, why would they have tried to get a mortgage to buy a home to begin with? that's a rather specious argument, truly.

but, you know what...if there are enough goofy lenders out there willing to throw their money around to people with poor credit who cannot prove income, let's just hope they are also goofy enough not to know that there's still bailout money to be had. after all, if they fail, they deserve to fail. but then again it was the greedy borrowers who were at fault, right?

Guest

Help!!!

I'm looking for a no ratio mortgage or asset backed mortgage. I've got excellent credit ~ 800 score, lots of assets, but banks won't give me a mortgage to buy the new house I have a contract for sale to buy until I sell my existing house - at which point I won't need a mortgage because I'll be able to pay cash. House price is $317,000 and I was originally going to put down $100,000 and mortgage the rest. Did not expect to have a problem getting a mortgage based upon my assets, but the mortgage company got all hung up with the fact that for a short time I'll have 2 properties, so my debt to equity ratio falls outside the guidelines. I'd be happy to up the down payment to 50% if I could get the rest financed so I don't have to sell my assets to make this deal. The property I'm looking to purchase is in Penfield, NY - a real nice house worth every penny. Can anybody recommend a solution for this temporary financing I need until my current house is sold? Thank you if you can.

eric1 · Posted: Sun Aug 16, 2009 5:56 pm Post subject:

NYC Dad, I answered your question on your other post.

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