Home Buying in Canton>Question Details

Michael Robe…, Home Buyer in Atlanta, GA

Loans without income documentation.

Asked by Michael Robertson, Atlanta, GA Wed Feb 5, 2014

My wife and I would like to borrow 140k, using her perfect credit. That said, we are both sserver's and make about 55k each, but we can't prove it. Any suggestions?

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Hi Michael,

I hope the information below gets you where you need to be. I would like reach out to you and ask if you have decided upon an agent yet? I would love the opportunity to earn your business and would work hand-in-hand with your lender to make the home-buying dream a reality. My information is below. I hope to hear from you!

​
Danielle Peña, REALTOR®
Keller Williams Realty® Partners
220 Heritage Walk, Suite 101
Woodstock, GA. 30188
Cell: 404-434-1884
danielle@DanielleSellsDreams.com

"Helping Fulfill the American Dream...One Home at a Time."
0 votes Thank Flag Link Thu Feb 6, 2014
Hi Michael,
If only her credit will be used, then only her income can be as well. Mortgage lending guidelines do not allow for the use of anyone's income who is not on the mortgage loan.

Effective January 10, 2014, the CFPB amended Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z currently prohibits a creditor from making a higher-priced mortgage loan without regard to the consumer’s ability to repay the loan. This means that a mortgage company is prohibited from offering any type of Stated Income or No Doc loan to a Borrower.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com to get started.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Wed Feb 5, 2014
We offer a no doc and stated loan on investment properties. We also offer a bank statement program utilizing 24 months of bank statements to approve you, on owner occupied properties. We offer all these programs in most states. For all of these programs, you will need at least a 20% down payment. Please also note the rates will be higher than the published rates for conventional, FHA and VA loans. 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 - Lending Nationwide Since 1987 http://www.bartprequalifies.com bart@bartprequalifies.com 800 315 8803 NMLS 20743
0 votes Thank Flag Link Wed Feb 5, 2014
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