There are a few programs left, and I am doing them.
1 --You need a large down payment -- at least 25 percent down for a purchase or 65 to 75 LTV for a refinance -- and you must document sufficient liquid assets to close and reserves. The lender will verify that you actually do the kind of work you do (i.e. if you are self employed, for example, you could provide a CPA letter and, say, articles of incorporation or a 411 directory listing for your business -- whatever is appropriate.)
2 -- The lender will scrutinize whether your line of work is commensurate with the kind of money you would need to pay your mortgage. (if you own 3 pizza parlors you could be making a lot of money. If you own a small hair salon in the burbs, maybe not. If you are a 25-year-old recording engineer, probably not. A 45-year-old recording engineer whose clients include big names, then fine. etc)
3 -- You need excellent credit, of course. A mortgage history or great rental references also help.
Residential Home Funding
I am with Marc, no doc loans are a thing of the past and part of the reason why our economy is in the position it is on . . . but, hey, if Ruth can get you same, I'd give her a call.
However, I must say that as an experienced listing Realtor I would advise my seller against accepting an offer that supported by a no doc loan and/or insisted that the property continue to be actively marketed . . . thereby increasing the risk that some other buyer may secure the property before a true committment can be acquired.
Francesca Patrizio, ePro, SRES
732.606.2931 (DIRECT - Cell)
Actually I did just come across one more no-doc program recently. E-mail me and I'll get you in touch with that particular mortgage professional for the latest information as their offerings change on a regular basis these days. You will have to come in with plenty of cash down though to still get this and it is mostly geared towards investors, not owner-occupants.
Jacobus "Jack" Vollenberg
RE Appraiser - Vollenberg Appraisers
Asset Manager - ERA Statewide Realty
Member, Worldwide ERC
Licensed Realtor NJ
Licensed Appraiser NJ & NY
Century 21 Joe Tekula Realtors
Agent of the Year 2008
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
Search the Garden State MLS: http://www.marcpaolella.com/SearchMLS