Financing in 91737>Question Details

Franny, Home Owner in 91737

i have 730 credit score my home is F/C . Where can I find a no income qualifing loan on a first mtg?

Asked by Franny, 91737 Mon Jan 23, 2012

0 votes Share Flag Financing in 91737

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Would a bank statement only loan work for you? If you are self-employed and can furnish 24 months bank statements there is financing available. Basically they will take your deposits from the statements and use that for your income (gross deposits). Rate is high and loan to value is low probably 70% at best.
0 votes Thank Flag Link Tue Feb 18, 2014
A 730 credit score should not prevent you from getting a first mortgage.
0 votes Thank Flag Link Wed Jun 19, 2013
Hi Franny,

If you are unable to get financing, and would like a free valuation of what your home is worth, give me a call or email. I can send you over a CMA report, showing comp's in your area.

Melisaa Magnusen
Blackstone Realty
0 votes Thank Flag Link Wed Jun 19, 2013
No income qualifying loans are one of the many reasons we are in the mess we are in now with foreclosures and short sales.
0 votes Thank Flag Link Wed Jan 25, 2012
I am not aware of any "no income verification loans" on the market. A local mortgage lender may have an investor who might consider a loan based on assests but if so you should be prepapred for an interest rate that is likely to be 2-4% higher than rates you might otherwise qualify for.

You should speak with a local lender (if possible a credit union would probably be your best bet) and see what their able to offer you.

Good Luck
0 votes Thank Flag Link Wed Jan 25, 2012

While there aren't any "no income" loans available, there are some that use your assets to derive an income stream and this can sometimes provide a solution. If you have substantial assets, you may want to pursue this option and if I can help just get in touch.

Rob Spinosa
0 votes Thank Flag Link Tue Jan 24, 2012
Hard money is all there is all there is in stated income. On a primary residence you may not be able to find one.
0 votes Thank Flag Link Tue Jan 24, 2012
The short answer is: They don't exist". There are a few but are largely asset based. It's usually cheaper to refile your taxes and kill off some write-offs.
0 votes Thank Flag Link Tue Jan 24, 2012
What is F/C? Loans like that are rare now. Only if you have a very significant asset base will any lender consider such a loan.
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0 votes Thank Flag Link Mon Jan 23, 2012
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