Financing in 33304>Question Details

Kellen Gracey, Real Estate Pro in 33304

No Doc Loans?!

Asked by Kellen Gracey, 33304 Wed May 20, 2009

Anyone know of any other banks that do no doc loans? Someone told me Wells Fargo was doing them, but I contacted them and they don't.

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Kellen,

I truly was not trying to offend you. I was only trying to shed some light that perhaps a new company that had support to be able to answer these questions for you might better suit you. Thats all. I just don't think that Trulia, which is predominately Realtors, is a good source to find wholesale lenders. Realtors just don't have access to account executives and wholesale lenders like someone in the financing industry. Perhaps, my best advice for you as far as these types of questions would be to go on something like loansifter.com or lenderlab.com or even brokeroutpost.com. This is a network of lenders and brokers for questions just like this.
I truly commend you for researching to help your clients...all good brokers should be doing the same. I just think you can save some time and effort being a little more effective in your research.
Again, It was never my intention to offend you and I apologize if my respond came off in a manner that did offend you. Good luck in your search.
1 vote Thank Flag Link Thu May 21, 2009
Of course I have a boss and co-workers I can ask about placing loans. When I come across one that stumps people in the office, I look for alternate sources. We have plenty of resources and support here. My apologies for trying to be proactive to help my client.

And FYI - these loans still do exist. You can do a mortgage with stated income, or even no docs, depending on the geographical area, down payment amount, credit score, and some other compensating factors.

Through this website and others I've found plenty of banks that still do it.

And as far as my responsibility to help realtors answer financing questions - I've been helping said people. Is there a problem when I need help and want to ask a financing question?

I'm not sure what the point of posting your "answer" in here was, other than to belittle my quest to find financing for my client. I'm sorry.
1 vote Thank Flag Link Thu May 21, 2009
Hello Kellen - Lisa is correct - that ship not only sailed it "sank" the entire Real Estate industry. A lesson well learned, I hope. Good Luck in your search!

Best regards,
Angela Jensen
Coldwell Banker
(954) 465-1388
jensenatj@aol.com
Web Reference: http://www.AngelaJensen.com
1 vote Thank Flag Link Wed May 20, 2009
Just taking a guess - but I think that ship has saled??
1 vote Thank Flag Link Wed May 20, 2009
No Doc Loans? No, unless you can entice a private capital group to undertake it.

We do SIVA CA and NY
50-60% LTV to $5MM+ Depending on Assets and Reserves
3/1 Arm @4.875% P&I

Must have 700+ FICO, be self employed with solid assets and reserves and bank statements are a must.

eMoney Lending
CA CFL Lender & DRE Broker Licensee
eMail: euro-am-gjg@msn.com
0 votes Thank Flag Link Tue Jun 29, 2010
Not only is no-one doing them - but in some states they have been made illegal.

Hard money loans may be an option.

Private funding may be an option.

Promise a return of 6+ percent and put an ad in the local paper. With many investors only getting 2% on their cash - a mortgage may be an attractive investment.

You can charge 1% as an origination for your fee.
0 votes Thank Flag Link Wed Mar 10, 2010
I am looking for assistance in refinancing an existing mortgage. I am currently sitting a 6.25 30 yr with 25 years to go. My current situation is in that I would love to take advantage of a refi at these lower rate, but noone can offer me a no-doc loan.
Is there anyone out there that can help me?

5 yrs self-employed.
I will provide all doc, less TR
Credit score is over 725.
Never late on a mortgage payment..
And why can't I find a simple solution.
0 votes Thank Flag Link Wed Mar 10, 2010
Kellen Gracey,
I would be more than happy to answer your questions. We are direct lenders, that specializes in hard to close loans, and I may be able to help you with the No Doc Loan depending on the particular situation. You would not beleive the amount of loans we fund in less than two weeks, at competitive rates and fees-when "typical" banks have taken up to 45 days just to "review" the file and said NO. For example, clients with only disability income, no credit scores from all 3 credit bureaus, small business owners who have been in existence for less than 2 years, students who just entered the workforce and dont have the required 2 year employment history, etc. We can do this because we can offer manual underwriting. So what you or your client may think is a No Doc Loan, may not be and we have the expertise to get it done. Hope that helps,

regards,
Frank Olguin
Mortgage Banker
AmericaHomeKey Inc.
500 W. Cypress Creek Rd, Suite 330
Fort Lauderdale, FL. 33309
Folguin@americahomekey.com
office 954-771-7715 x104
cell 561-386-9731
0 votes Thank Flag Link Fri Jun 5, 2009
Just completed a GRI course today in financing. The ship has sunk and will never emerge again!
0 votes Thank Flag Link Wed May 20, 2009
Kellen,

I'm sorry, I have to ask...don't you have a boss or co-workers that you can ask about financing questions? What kind of company are you working for? Where is your support? You are suppose to be helping realtors find buyers financing solutions, not asking realtors where to take your loans. Also, I'm sorry, but you'll be hard pressed finding another broker to give you a place to go take your loans. A good broker works extremely hard to find niche lenders where they can take their more difficult loans, or finding alternatives to some requests by consumers. It is your job to educate your consumer that some loans are just not available anymore and steer them in the right direction. I'm really not trying to be hard on you, I'm only trying to help you. You may want to consider finding another company with better resources.
0 votes Thank Flag Link Wed May 20, 2009
Pretty sure it did... can't find anything.

Only thing left is hard money, but they want around 50% down.
0 votes Thank Flag Link Wed May 20, 2009
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