Financing in New York>Question Details

Roli, Home Buyer in New York

I'm self employed with a fico score of 800. Would like to find a NO DOC mortgage, will need about $ 500,000. Any advise is welcome!?

Asked by Roli, New York Wed May 11, 2011

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6
Emigrant stopped two days ago.

Hudson City 30 fixed is 5.375% and zero points up to $729,000
5.500% up to $750,000
0 votes Thank Flag Link Thu May 12, 2011
Are you sure you need a no-doc? Underwriters add depreciation and depletion deductions back in. If you still want a no doc you'll need about 50% equity and will get a high interest rate. Try a reduced documentation (stated income) loan. Hudson City and perhaps Emigrant offer these.
0 votes Thank Flag Link Thu May 12, 2011
We can do stated income for self employed in New York.
Call for details: 201-833-0123 Ext 278
The guidelines are stricter than a few short years ago, but, such mortgages exist.

In a nutshell:
Owner occupied and second homes (no invetsor properties
35% down payment (no gifts for down payment)
U.S. citizen or Green Card
Significant reserves after closing
Significant credit history

John Veenstra
Approved Funding Corp
0 votes Thank Flag Link Thu May 12, 2011
There are actually "no docs" available at this time. Contact dominick Sutera at Academy Mortgage Corp. 516-655-2900 or DSutera@bankAMC.com.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Wed May 11, 2011
There are other factors besides credit score that determine mortgage qualification, therefore visit with any qualified loan officer...
0 votes Thank Flag Link Wed May 11, 2011
With 40% down you should have little problem finding PVT or Alternative financing. However nothing conventional is available. My advice is to meet with a mortgage professional and review your taxes and income to see if you may go conventional. Self Employed is not a basis for loan denial. Find a professional to help. Good Luck
0 votes Thank Flag Link Wed May 11, 2011
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