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efrky1957 · Joined: 03 Jun 2011 Posts: 1 1.38 Dollars($)

ny lake house tax assessed at $450k, paid pro appraisal at $450k..credit shot, working deal with bros to buy at 300k (estate sale, poor market) after my share, i can downpay 150k..so need to finance 150k ..(i will have cushion of extra $60-75K for upcoming expenses and relocation, don't wish to apply toward downpay). relocation to new state, starting over with new job, plan to rent lakehome partime, anticipate $25-40k yrly revs...taxes $10k..again lousy credit, starting over..but with adequate resources and immediate "paper" gain. advice and help appreciated!!

jameshogg · Posted: Fri Jun 03, 2011 11:13 pm Post subject:

Hi efrky,

No doc mortgages are hardly available these days. Most of the lenders will ask you to submit the required documents or else they may not be ready to give you a mortgage.

Thanks

Guest

thx...any other suggestions to investigate..

gmakerley · Posted: Sun Jun 05, 2011 7:21 pm Post subject:

"Hardly available" is a misnomer - they simply don't exist.

The only alternatives to standard processing is a limited number of "stated income" loans in a few areas of the country; otherwise, it's full-doc virtually everywhere.

Then again, there's hard-money lenders out there that'll take extra risks while charging you extra interest for that luxury.

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