Home Buying in Queens>Question Details

Ash Sharma, Home Buyer in 10001

Im looking to buy an investment property using the equity in my primary home which has no mortgage. Need to know about no doc or low doc loans in NYC?

Asked by Ash Sharma, 10001 Wed Aug 8, 2012

I own another property on which I have rental income. I have high credit score (800s). I have w2s from work. Need advice on best way to go about this purchase. I initially thought about doing a heloc and first mortgage but banks won't use my rental income as its not two years old yet. I just came to know about stated income loans and am wondering of this may work for me. Please help. My primary house was appraised at 650K and the property I wish to purchase is for 685K. My income on last two years taxes was 89,000 and I have no other debt.

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Answers

7
If your income doesn't qualify for those loan amounts, you're left with the stated income loan as your only option. Unfortunately, the stated loan program is for self-employed borrowers, which would not work considering the fact that you're a W-2 employee.

I'd like to know more about the properties (1-4 family, annual taxes, location, etc) and run the numbers to see of there is a way you can qualify without having to go the stated income route.

Maybe we can talk and see where we go from there.

Javier Meneses
Senior Loan Officer
Sterling National Bank
(516) 606-9648
jmeneses@snb.com
1 vote Thank Flag Link Wed Aug 8, 2012
Hello Ash Sharma - I have a friend working with a bank who can do a stated product at 50% LTV. I don't remember if she said it had to be self employed. If you still plan to purchase this property contact me at 914-299-0420
0 votes Thank Flag Link Wed Aug 29, 2012
Go to a couple of Mortgage companies & find out your options. There are many. If you need a referral, give me a call & I will get you someone who will answer all your questions.
0 votes Thank Flag Link Sat Aug 11, 2012
If anyone can assist you, it will be Brian Tom of Cliffco Mortgage Bank. Give Brian a call at 516-448-2434 or email him at btom@cliffcomortgage.com.

By the way, there ARE no income check loans; ask Brian!

I guarantee you, if Brian can't do it, it can't be done!
0 votes Thank Flag Link Thu Aug 9, 2012
You should speak to a licensed mortgage broker or a loan specialist at your Local bank. If you require further assistance, kindly do not hesitate to contact me

Thank you

Nida Kabbaj
Exit realty by the park
Licensed real estate sales associate
0 votes Thank Flag Link Wed Aug 8, 2012
First You need to speak to a Banker or call me at my phone 917 699 3560.
0 votes Thank Flag Link Wed Aug 8, 2012
Good morning,

Such loans as "No Income Verification" and the like do not exist. Beware anyone promising to provide such financing; they'll waste your time and your money.

If you have owned a primary residence in the past 12 months and you purchase an investment property, the proposed rental income from the investment property can be used to qualify for the new mortgage.

If you wish to include rental income from an existing investment property you must demonstrate the income from this property for the most recent 2 years on Schedule E of your Federal Income tax returns and that income must be sufficient to qualify.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Wed Aug 8, 2012
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