Home Buying in Vincentown>Question Details

Tcbgirl48, Home Buyer in Vincentown, NJ

I'm can't find no doc or stated income mortgage. My budget is $75K, I have 30% down, and my credit is excellent. Purchased 2 other homes

Asked by Tcbgirl48, Vincentown, NJ Fri Jul 1, 2011

like this. I was told this was not available (expecially under $100K) PLUS I would need a min. of 40% down. Should I look for an investor? After all, interest rates are so low today ... I would be willing to pay 4.5% and pay it off in 10 yrs. I don't see where the risk is with these terms ...

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Actually, some no doc programs have started coming back, but it depends upon the area (I've seen some in TX, CA, and NV) and the type of project (commercial more often than not). Additionally, I've stumbled on some programs for deals in the DC area, although they weren't advertised as stated income loans, that felt a lot like them.

No investor (myself included) will do that type of loan at 4.5% for 10 years--especially when we could do at least 8% plus points for 30-180 days (for a rehab loan). It's FAR too risky.

If you want 4.5%, then you'll want to work with a bank. If you'd like to do stated income, or equity partner with an investor, then you'd need to prepare to have some "skin in the game" and prepare to pay a higher rate. That "skin in the game" and higher rate are how we offset our risk in making the loan.

You mentioned that you could put 30% down (which is good), and that you've purchased 2 other homes (which could also be good [depending upon the purchase price, terms, and other factors of each deal]). I might be willing to work with you, but I'd need to know more about what you're trying to do. Please feel free to contact me.
1 vote Thank Flag Link Fri Jul 1, 2011
Hi Tcbgirl48. I have a resource for no-doc loans. Terms will vary based on individual situation.
- Robert Greenblatt
856-575-1818
0 votes Thank Flag Link Sat Jul 2, 2011
TCB Girl, I have a mortgage broker that I use for all my hard to place loans. His company is funded by private investors, If he can't do the deal you're proposing, then I am confident it's not out there. Contact me for his info. Good luck!
Web Reference: http://FamousEric.com
0 votes Thank Flag Link Fri Jul 1, 2011
Dp2 is spot on - you aren't getting any 4.5% interest rate on a no doc/stated income loan these days. You get those rates for fully documenting your income on a primary residence purchase.

Plus you don't want to do a stated income loan, or you'll be nailed for loan fraud. If a stated income loan isn't loan fraud for you (meaning you actually make that income), then you could just provide tax returns to qualify and call it a day. But if you don't actually make the income you are stating, don't do a stated income loan! You need a "no doc" loan which doesn't even approach the income part of things, or a lender who doesn't care what your debt to income ratio is ("No Ratio" was the common description for that type of loan program back in the sub-prime days).
0 votes Thank Flag Link Fri Jul 1, 2011
Have you thought of approaching for sale by owners? You'll have to do a little homework first to locate someone in a position to possibly hold a mortgage. With the amount you have to put down and this tough market you might find a taker. An older person or couple trying to relocate would be a good possible candidate. Good luck and please let me know if this helped any.

Rita Wilson-DeGazon, Chicago, Il.
0 votes Thank Flag Link Fri Jul 1, 2011
It is real sad that someone with money can not buy a house via a mortgage today. There are not any more mortgage no docs or sated incomes anymore. Do you have an income? Also remember that there is a limit in the number of houses you can have mortgaged. Crazy.
0 votes Thank Flag Link Fri Jul 1, 2011
Nobody else can find them either. No dox and SI mortgages did not help the current situation that we're in now.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Fri Jul 1, 2011
No doc loans are a thing of the past... this is a new mortgage world where over cautious rules the mortgage world. First thing is with excellent credit there are some similar programs available, with not so good credit there is very little. A loacl and trusted mortgage broker is the best place to look. As far as investors this rate is far to low for them to take a risk on what the banks wont loan on. Rates of 8% or more are basic in the hard money loan world.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Jul 1, 2011
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