Financing in 08527>Question Details

Jen, Both Buyer and Seller in 08527

If my credit is excellent and I own a home and will sell it and use a large portion of the equity

Asked by Jen, 08527 Sun Jul 19, 2009

for a down payment, can I still get a no income loan

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I would first ask why you want to go no doc. There could many options that you might not think otherwise. I have done a few mortgages for people in the past that a loan officer was taking them stated or no doc, but when I asked the right questions, I was still able to do a full doc. If not and you have to go no doc, it depends on your credit scores, but you the best you might be able to do depending on those scores is putting 35% down or more. Now, I have heard some lenders say that you can put down less, but I haven't seen one of those close yet. I had one client that went with a lender that said he could put 25% down, but he never closed because that lender changed it to 35% a week before closing. I say this because there aren't that many investors period that are even doing no doc loans. So you need to be careful on who makes promises. Sorry, but this part is the truth. Not all promises and or guarantees are real.

Overall, I still would like to go over your options. I can always be reached on my cell phone and or e-mail.


Jeffrey J. Belonger
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Infinity Home Mortgage Company, Inc
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1 vote Thank Flag Link Sun Jul 19, 2009
Normally loans today are with income verification, but I'm sure you can find someone that can help you.

Look at this blog it will help you to learn more about mortgages.
I've got most of my answers there as well.

Good Luck.
0 votes Thank Flag Link Mon Jul 20, 2009
Hi Jen
How are you?? The truth is that the lending rules and ratios are changing everyday! "No Income" Loan products are harder to come by now more than ever before! This question is best to be answered by one the mortgage professionals who are in touch with various lenders daily. They will be up on all of the new requirements for each loan product. If you would like a referral to a lender that can help, please feel free to call me on my cell at 732-239-3809 or email me at!
My Best
Diane Notarfrancesco
Centruy 21 Action Plus Realty
Jackson Office
0 votes Thank Flag Link Sun Jul 19, 2009
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