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Posted on: 21st Sep, 2005 01:04 pm
Have an inquiry on a mfg.home, owner occ. No Income-No asset verification. Credit scores in the 800's. Loan amt. 280,000 LTV 80%.
Hi Bob
Welcome to MortgageFit forum.

It is good to see that you have a high credit score. With such a score, getting a loan will not at all be a tough task. Our community comprises of a large group of lenders who specialize on various loan programs.

Our system is designed such that when a user gets registered with us, he gets his own control panel which can only be accessed once he logs in. In the control panel, a user has various options to manage his loan account like type of loan required, loan term, information on property and others.

We take complete care of our customer privacy and matching with your requirements our system passes the minimum details to the specialized lenders, which will allow them to place various offers.

Lenders will contact you with their offers and you choose the best as per your suitability.

Get registered with us, so that we can process your request further.

Posted on: 22nd Sep, 2005 01:09 am
I want to take 244,000 dollar loan and I have been suggested these 2 options from my bank.

Suggested Options:

1) 7 or 10 years ballon mortgage at a fixed rate of 6.42% or 6.65%, 25 year amortization, no pre-payment penalities.
2) 5 year ARM at a fixed rate of 7.33%, 30 year amortization.

Closing cost around - 5300
Credit score: 850's

We do have an equity in duplex but will not be able to sell that for few more years as we have aged parents living in one side.

We have talked with several lenders and this seems to be the best option,others are 4,500-6,500 in closing and fees! I also asked what would happen if i am uanble to pay the balance and I was told you just refinance. What do you suggest?
Posted on: 22nd Sep, 2005 09:26 pm
Hi Justin

Balloon mortgage is no doubt a good choice if you plan to vacate the house before the loan becomes due. If you don't intend to leave the property, you have the option to refinance the mortgage with a new loan. But you may end up paying a higher amount if the rates at the time of refinancing are high.

If you expect a raise in your income, then adjustable rate mortgage (ARM) will be a good choice. This is because the rates can increase at any moment after the fixed rate period, thereby demanding higher interest payments from you. The ARM has some advantages over balloon mortgages. The initial rate of an ARM is lower than the rate on the balloon mortgage for the same period. Also, unlike a balloon mortgage, this kind of a home loan has caps which limit the changes in interest rate and monthly payment.

The ARMs often have higher rates compared to the balloon mortgages. If you can afford to refinance your loan after 5 years, then it is better to avail the ARM. I would advise that you approach a mortgage consultant who can suggest the best option, depending on your income and credit worthiness.

Posted on: 22nd Sep, 2005 11:25 pm
Hi Bob,

Just got some more details on no income no asset loan.

No income no asset loan requires neither your income proof nor asset details. Here the lenders emphasize on credit history. Actually nina loan is for those who don't have proper job status are involved in some temporary job. They also don't have income proof and asset details for loan approval. But anyway, they are capable of paying loan installments. Some special lenders approve these loans, but in case of no income no asset loan, interest rate is comparatively high. The interest rate is even higher in case of late payments.

If you have a good credit score, you can easily apply for nina loan.

Hope this information helps you.

Posted on: 26th Sep, 2005 12:54 am
Hi to all,

I have some knowledge to share on No Income no asset loan.

During loan verification, income history is being checked. I had an experience when I took nina loan from MACKINAC SAVINGS BANK. My credit score was 580 and I was offered loan without IRS. But I was asked questions on my income status and employment history. So certain financial standards should be met. The loan process is indeed fast.

Feeling good to share my knowledge with your community.

Nathan Brown
Posted on: 06th Oct, 2005 04:24 am
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