Home Buying in Seaford>Question Details

Asha, Home Buyer in Seaford, NY

Does anyone do no income verification mortgages ??

Asked by Asha, Seaford, NY Mon Feb 11, 2013

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This question was asked from this property: http://www.trulia.com/property/8223841-3682-Roanoke-St-Seafo…

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17
Scott Godzyk’s answer
I have not seen any no income and no doc loans as these were many of what were foreclosed on. You need good credit or a huge downpayment in this mortgage market. Meet with a local and trusted loan officer who can guide you, beware of internet loans
0 votes Thank Flag Link Tue Feb 12, 2013
Not just self-employed, but a business owner. If you're a 1099 independent contractor who is not a business owner, you will not qualify for HCSB's program.

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 740-4478
4 votes Thank Flag Link Sat Feb 23, 2013
Hi Ahsa,

Yes, there are still no-income verification programs available, even in this market. I agree with the general down payment and self-employment requirement posted by my colleagues. But keep in mind that you don't need 700 credit scores. I'm fine with mid 600's with a timely repayment history and 12 months reserves. For more information or assistance, I can be contacted directly at 917.699.0183 or via email michaeldenniston247@gmail.com. Follow me on twitter @mdenniston247.

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
Mdenniston@RHFunding.com
http://www.rhfunding.com
3 votes Thank Flag Link Sat Feb 23, 2013
Good morning Asha,

My response to this oft-asked question is to meet with a Local Mortgage Banker to get thoroughly Prequalified. You might discover there is a way to qualify for mortgage financing with full verification of your Income. An experienced Loan Originator knows the right questions to ask based on available loan products and current Underwriting Guidelines to determine if you are qualified.

Find an experienced Local Mortgage Banker and insist on meeting in person. You can verify the License AND experience of a Loan Originator at the NMLS Consumer Access website. http://www.nmlsconsumeraccess.org/

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528


If you thought my answer was helpful, please give me a "Thumbs Up." Thanks!
3 votes Thank Flag Link Tue Feb 19, 2013
Hi Asha,

No income verification loans were a leading cause of the real estate meltdown. As such, they have all but disappeared.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
2 votes Thank Flag Link Tue Feb 12, 2013
NO they were not, the reason was loans being written by fraudulent brokers like yourself!!!!!
Flag Sun Mar 15, 2015
No income verification was a major reason for the mortgage meltdown & high foreclosure rate. Pretty simple- people getting mortgages they could not afford to pay.
Flag Sun Jun 29, 2014
I don't believe that at all. It was banks loaning investors money at 100% or more to anyone that could sign their name. I want to buy a $200k home with $100k down, but can't qualify because after all my deductions, my income is like $18k. A bank would do good to loan me money at a higher interest rate, but the banks didn't use common sense and failed. The government had to bail them out, so regulators told banks they couldn't do no doc loans any longer. Anyone with an ounce of business savvy would know that making a loan with 50% equity up front is a good risk. If government would stop regulating business and let banks that are too stupid to know a good loan from a bad one fail, then I imagine the economy would flourish. The regulators also made big banks lend money to people that couldn't qualify to give disadvantaged minorities a chance at home ownership.
Flag Tue Apr 15, 2014
NOT true.... Wall street + Gov was the cause. I know a lot of people able to keep with payments but people at GOV got greedy. Read before comment
Flag Thu Mar 27, 2014
This is actually not totally true. The primary reason was low LTV loans and loans being approved with a lack of equity.

Which is the higher risk - an 80% LTV loan to someone with little assets and proof of income or a loan with 50% LTV with good credit and no income verification?

The loan with the higher LTV is the higher risk due to the lack of equity and assets behind the loan.
Flag Sat Jan 25, 2014
We have a reduced doc loan product available. It is for self-employed borrowers and it'll require a 25-30% down payment and 12 months reserves. Other than that you're left with the traditional conventional and FHA loans, were they both check all income documentation.

If you want to further discuss, feel free to contact me.

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
(516) 606-9648
2 votes Thank Flag Link Mon Feb 11, 2013
Please send additional information for self employed borrowers.
Flag Fri May 9, 2014
Im also interested in this type of loan as we are in the exact same situation.
Flag Thu Apr 17, 2014
I'm interested...what are the seasoning requirements on the down payment and the credit score minimums?
Flag Sat Sep 7, 2013
Yes, loans like these do exist and there are lenders like myself that can do them. Instead of looking at your tax returns, as you see done in traditional loans, no income verification loans look at other documents such as your past 12 months bank statements instead. This route can be better for certain people such as self-employed workers. If this sounds like a good option for you, I recommend that you look further into this option. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
1 vote Thank Flag Link Wed Mar 12, 2014
We offer NO DOC, Stated and bank statement loans nationwide.

Let's discuss your loan scenario in more detail.Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business since 1987. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario.

Until then, I look forward to hearing from you.

Bart Gabe - 800 315 8803
http://www.bartprequalifies.com
bart@bartprequalifies.com



NMLS# 20743 - my licensing information
http://www.nmlsconsumeraccess.org/ - link to look up my license number
1 vote Thank Flag Link Tue Nov 26, 2013
Yes we offer stated income financing as well as reduced documentation loans and portfolio loans. They are designed for both the self employed as well as wage earners. Please feel free to contact me for more details.
1 vote Thank Flag Link Tue Nov 26, 2013
Yes. I do "Limited" income qualification loans. Income is substantiated based on bank statements, not tax returns.

Here are some basic guidelines effective 10/10/2013:

Area of Lending:
CA, AZ, OR, ID, CO, UT & TX only. (No O/O refinances in TX)
Property Types:
SFR’s – Condos – Townhouses – 2 to 4 Units
Loan Amounts:
$50,000 - $750,000
Loan to Value:
*Credit Grade "A" (700+ FICO) Purchase up to 80%. Refinance up to 75%.
*Credit Grade "A-" (650+ FICO) Purchase up to 75%. Refinance up to 70%.
*Credit Grade "B" (600+ FICO) Purchase up to 70%. Refinance up to 65%.
*Credit Grade "B-" (550+ FICO) Purchase up to 65%. Refinance up to 60%.
* Other restrictions such as time after BK or FC may apply.
Property Condition:
Property must show “Pride of Ownership”
Loan Terms:
All loans are 5 year interim fixed variable rate 30 year fully amortized product.
Index:
6 month Libor -- Margin 7.95% -- Caps 2/1/4 – Floor = Start Rate
Interest Rates:
Very competitive rates quoted individually on the merits of the borrower and transaction.
Typical closing costs apply. -0- point loans available.
Debt To Income DTI Ratios:
Gross Monthly Income Max DTI
Under $2,000 35% - $2,001 - $2,500 40% - $2,501 - $4,000 45% - Over $4,000 50%
Income Documentation:
Full Doc - W-2 & Paystub, 1040’s or 24 months Personal BS or *Asset depletion
Alt Doc - 12 months personal bank statement
*Asset depletion – 101% of loan amount.
Down Payment:
Down needs to be Sourced & Seasoned for 60 days

Email me with your questions or for a transaction sheet for a quote:
Charles Louis NMLS 238263
MyLoanOfficer@verizon.net
1 vote Thank Flag Link Fri Oct 11, 2013
How about NYC?
Flag Fri May 15, 2015
Yes, I do them but not on primary residence. The subject property must be for investment/ rental.
I do these loans in just about every state.

Call A to Z Capital. 561-609-6699
0 votes Thank Flag Link Thu Jun 11, 2015
Yes! Stated income verified asset programs are available to those who qualify. In order to qualify you must be employed or own your own business. You must have a average credit score of 700 or better. You must have the necessary equity or down payment. And you must have 6 months reserved assets. Please contact me and we can review the details further.
0 votes Thank Flag Link Wed Nov 13, 2013
Yes. I do "Limited" income qualification loans. Income is substantiated based on bank statements, not tax returns.

Here are some basic guidelines effective 10/10/2013:

Area of Lending:
CA, AZ, OR, ID, CO, UT & TX only. (No O/O refinances in TX)
Property Types:
SFR’s – Condos – Townhouses – 2 to 4 Units
Loan Amounts:
$50,000 - $750,000
Loan to Value:
*Credit Grade "A" (700+ FICO) Purchase up to 80%. Refinance up to 75%.
*Credit Grade "A-" (650+ FICO) Purchase up to 75%. Refinance up to 70%.
*Credit Grade "B" (600+ FICO) Purchase up to 70%. Refinance up to 65%.
*Credit Grade "B-" (550+ FICO) Purchase up to 65%. Refinance up to 60%.
* Other restrictions such as time after BK or FC may apply.
Property Condition:
Property must show “Pride of Ownership”
Loan Terms:
All loans are 5 year interim fixed variable rate 30 year fully amortized product.
Index:
6 month Libor -- Margin 7.95% -- Caps 2/1/4 – Floor = Start Rate
Interest Rates:
Very competitive rates quoted individually on the merits of the borrower and transaction.
Typical closing costs apply. -0- point loans available.
Debt To Income DTI Ratios:
Gross Monthly Income Max DTI
Under $2,000 35% - $2,001 - $2,500 40% - $2,501 - $4,000 45% - Over $4,000 50%
Income Documentation:
Full Doc - W-2 & Paystub, 1040’s or 24 months Personal BS or *Asset depletion
Alt Doc - 12 months personal bank statement
*Asset depletion – 101% of loan amount.
Down Payment:
Down needs to be Sourced & Seasoned for 60 days

Email me with your questions or for a transaction sheet for a quote:
Charles Louis NMLS 238263
MyLoanOfficer@verizon.net
0 votes Thank Flag Link Fri Oct 11, 2013
We are currently able to finance purchases for buyers in California with no income vetification. The key is to have a lot of liquid assets and a 50.1% downpayment. Minimum FICO 740. California only. Loan amounts to $3.5 million. You can find my contact information if you follow this link http://www.alexanderestrin.com
0 votes Thank Flag Link Thu Sep 19, 2013
i make 13000 in 2011 and 8000 in2012 cane i get pre approval2485881303
0 votes Thank Flag Link Wed Aug 7, 2013
There are no-income verification mortgage, also known as Stated Income or Reduced-Doc Loans. The main requirement is that you must be self-employed for a minimum of 2yrs. You would also need a 35% down payment. If you fit these parameters please contact me at your earliest convenience so I can point you in the right direction.


Kindest regards,


Paul F. Marzolla
Loan Officer
(201) 957-6768
pmarzolla@unvmortgage.com
NMLS#922891
0 votes Thank Flag Link Sat Feb 23, 2013
How about for an equity loan with no income verification, Free &clear property, value @ $650k+, trying to get equity for $ 400k, 750+ credit score, net total assets $2 Million.
thanks ! precisionfoundry@yahoo.com
Flag Thu Sep 26, 2013
There are some "hard money" lenders out there, but be aware that rates will bee high

Contact me if you need some sources
0 votes Thank Flag Link Mon Feb 11, 2013
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