I actually just had a buyer use one of these types of loans on one of my listings a few months back. I was very skeptical when the offer came in , but after checking numerous sources everything turned out great. My understanding is that there are only 2 inverstors in all of PA that will back this type of loan. However it is nowhere near 20% anymore. She had to put down 40% of the purchase price to get this type of loan and the rates are not even close to the current FHA and Conventional Loan rates. When we did this a few months ago the rates on standard loan products were around 5 and her rate was 7.5%. So I would venture to guess the rate on a product like this would be around 7% currently.
Andrew Himes, CRS, e-PRO, ABR
Prudential Fox & Roach Realtors
Again with good credit and verifiable assets there are many ways that lenders can still be creative enough to fund purchases without full docs. You may wish to reach out to Ed Dubinsky at United Capital Lenders at 215-808-5353. He may be able to provide you with some creative financing options.
If you would like some assistance in finding a home and negotiating a good deal, please feel free to call me.
Good luck with everything. Looking forward to hearing good news from you soon.
All the best,
REALTOR, Property Manager
Your Real Estate Resource For Life
Direct CELL (267) 254-7994
The program was totally abused and large loans were given to buyers who were credit qualified but were not income qualified. No doc loan abuse is responsible for some of the forclosures we are now and have been seeing.
You should try a FHA or Conv loan. If you have a job, proof of income and a decent credit score then you will have no problem getting a full doc loan.
The fact of the matter remains that getting a no doc loan these days are virtually impossible to find. If you find one, great. You said, "Then you should scrutinize the #$^* lenders and realtors like you who help idiots who can't pay for their mortgage to get homes." But how can a lender know that you can afford your home if you don't want to show where your money comes from?
I will also state that I have never worked with anyone who could not show their income nor will I ever do so. o just grow up and either accept the truth or continue looking for a lender who will give you money on your word.
So to answer your question, these loans do exist but if your credit is not great (720+) and assets(verifiable cash in a bank account, cds,stocks,bonds, etc) not verifable than you will get turned down.
All of the answers below are correct. In general, No Doc loans do not exist anymore. But there are some lenders out there who offer programs that do not scrutinize over income requirements if the rest of your profile looks good (credit, employment, assets, etc.) and you put enough down (usually over 20%).
If you need a good lender who can review your profile and present you with options, please let me know and I will help.
Timothy M. Garrity | Brown McKinney Real Estate, Co.
Real Estate Professional & Consultant
firstname.lastname@example.org Email | http://www.brownmckinney.com/tim Website
215-825-2250 x 1007 Office | 267-879-2716 Mobile | 267-519-5490 Fax
Most of those programs are gone. Many have blamed those types of programs for the trouble the housing market is in. They can be a good thing if used properly but I don't think we will see them anytime soon.