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Looking for a low doc loan without employment history

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dm902 Joined: 21 Jul 2011 Posts: 1 1.36 Dollars($)	Posted: Thu Jul 21, 2011 11:36 am    Post subject: Looking for a low doc loan without employment history Like 0 Dislike 0 Hello, I am looking for mortgage for a self employed that has a 1.5 million dollar business that is paid in full! My accountant shows a small income. Do have bank records to show past deposits for 3 years every friday. Would like to put cash down of 25% towards mortgage! Credit at 781 so that is not an issue! Anyone that can help put me in touch with a person for this type of loan, please let me know!
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Thu Jul 21, 2011 2:57 pm    Post subject: Self Employed Like 0 Dislike 0 There are stated income mortgages for self employed in a select few states. Length of employed is verified by a letter from your accountant stating you have been self employed for "X" years (needs to be 2 or more years). Down payment is usually 35% or more. There may be other out of the ordinary mortgages available, I do not know 100% of everything. You may get a better answer if you at least note the state and county in which the purchased property will be. Some mortgage programs will unique to a county. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Thu Jul 21, 2011 3:10 pm    Post subject: Like 0 Dislike 0 John is correct, for a lender to not look at income, you would be looking for a hard money or private lender, and they will require 35% down at minimum. Contact a few lenders in your area to see if they can assist you. And like John said, what state are you in, then we may be able to point you in the right direction. Good luck! _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125

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