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tracey921 · Joined: 30 Nov 2009 Posts: 1 1.42 Dollars($)

got mortgage with cash-out back in june 2007 I was not imployed at the time, my husband to be arranged everything, my father just passed away (was not myself)dont remember any details except 6.725% interest 30 year fixed, only my name on deed & mortgage, how can a bank give a mortgae to someone with no job? please dont tell me no income check, there has to be some kind of income check, doesnt there??

raymond · Posted: Mon Nov 30, 2009 1:48 pm Post subject:

>>there has to be some kind of income check, doesnt there??

Today there does, but not always. He got a "no doc" loan. A true no-doc loan didn't require income, asset or employment qualifiers. Only Credit. Those loans were exist anymore - they were the first to go.

JKennedySLG · Posted: Mon Nov 30, 2009 4:13 pm Post subject:

Not to give conflicting answers , but I do not want you to give up hope if you absolutely require this type of loan. There are still a couple of No-Income Verification Loan Programs left but up to a limited Loan To Value Ratio, which typically maxs out at about 60%. The interest rates are a little bit higher, but that is a given considering you're receiving a loan based on credit worthiness, along with a few other factors. I hope this helps...

raymond · Posted: Mon Nov 30, 2009 4:49 pm Post subject:

Also ... a true no-doc mortgage doesn't involve a 4506-T tax form. Do the Lenders you're referring to James, the ones with the 60 LTV, require the 4506-T?

JKennedySLG · Posted: Mon Nov 30, 2009 4:53 pm Post subject:

They do not require a 4506-T. It is a True No-Income Verification Loan. Only the Stated Income Programs would require that to be signed. I hope this helps...

Posted: Mon Nov 30, 2009 4:56 pm Post subject:

Inquirying minds want to know James ... who is that Lender? Actually, you said there were a few of them. Would you please enlighten us? I've been looking for one for the past 18 months and haven't found one, so it'd be very helpful. I've got a bunch of clients that would fit that scenario perfectly.

raymond · Posted: Mon Nov 30, 2009 4:57 pm Post subject:

Inquirying minds want to know James ... who is that Lender? Actually, you said there were a few of them. Would you please enlighten us? I've been looking for one for the past 18 months and haven't found one, so it'd be very helpful. I've got a bunch of clients that would fit that scenario perfectly.

jveenstra · Posted: Tue Dec 01, 2009 8:15 am Post subject: Stated Income

The lenders are local and are not national. They are local porfolio lenders. A couple lend only in NJ. One lends only in the five boroughs. One lends in NJ, CT, nine counties in NY and eight counties in PA (and that one is not signing up any new brokers right now)(also, the stated income program for self employed does not require a 4506-T)

There are no national programs that I am aware of.

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no-icome check what does that mean