Foreclosure in New Caney>Question Details

Ramona, Other/Just Looking in

with lenders taking away finance options now how do I get in a house without an arm & a leg on a no doc. loan?

Asked by Ramona, Sun Jul 8, 2007

good credit, $5,000 for down, fees, closing ... is this do-able anymore?

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9
This is a spammer promoting another site. Real estate pros should abstain and save your breath.
1 vote Thank Flag Link Sun Nov 11, 2007
Lenders are not doing no doc loans at this time, Good gredit is great. $5000 may get you into a FHA loan depending what the values are in your area.
0 votes Thank Flag Link Sun Nov 11, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
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At this point much will depend on where you live and the price of homes. If you are in CA then your chances are very limites. However if you are in an area where you can use FHA then you have a good chance of getting a loan that will meet your needs.
Web Reference: http://kayethomas4homes.com
0 votes Thank Flag Link Tue Nov 6, 2007
Kaye Thomas, Real Estate Pro in 90266
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Short answer--good credit yes--less than 700 No. --Maybe with 700-720 Fico
0 votes Thank Flag Link Tue Nov 6, 2007
I usually borrow on a stated income basis. This is where they verfy your assets but not your income. They have really tightened down on this market. They pretty much verified my income. If you do have assets, it will be easier. In this case, it is a "low doc" loan where they verify somethings but not necessarily income.
Since these types of programs are more expensive, I would be sure to shop my loan. Make sure to compare apples to apples and ask for a Good Faith Estimate so that there are no hidden fees. I know that Countrywide Mortgage does stated income. I would include them.
0 votes Thank Flag Link Tue Nov 6, 2007
You will need at least 10% for doing a no doc loan now.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Tue Nov 6, 2007
Ramona, Michelle gave you a good advice. If you have a good FICO score, the best mortgage rates you can get from large lenders, such as mentioned by Michelle - in retail. If your credit is not so good or you need advice regarding your specific situation - a mortgage broker might be a better solution. 100% loans are still available but much more scrutinized by lenders and approved amounts are much smaller. 95% might be easier, but you will have most choices with 10% down. Also, if you put some down payment, you will have a piece of mind that you are not vulnerable to the market down turn.

Michelle, you are a real estate professional as you stated it in your personal profile. There is no reason to disguise as a buyer.
Web Reference: http://www.cimpler.com
0 votes Thank Flag Link Sun Jul 8, 2007
ARTUR URBANS…, Real Estate Pro in Burlingame, CA
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Great question. First, work with a reputable direct-lender if possible (think WaMU, Wells Fargo, B of A), especially if you already have an existing account with them. Depends what you mean by good credit (over 750?), too. You'll still need to show you have 3 months worth of assets to pay the PITI (principal, interest, taxes & insurance). As far as $5K down, depends on price of home and listing agent policy; some will only accept contracts with 3% of purchase price.

I had a first-time home buyer with excellent credit (792), 1 income, get 100% financing thru Countrywide with a borrowed 3% down payment, but he did have a 401k he could show had additional assets to cover the 3 months payment requirement. Be very careful of brokers who promise you this kind of program UNLESS someone you know and trust recommends them. If it sounds too good to be true, it probably is.
0 votes Thank Flag Link Sun Jul 8, 2007
Hi Ramona,

Have you recently spoken to any good lenders in your area? May I suggest that you ask for a referral if you do not have a lender in mind? Ask a trusted friend or family member for a referral. If they do not have a recommendation, check with an experienced full-time real estate professional in your area. Consider speaking with your credit union or bank where you do your checking as well.

Despite the increase in foreclosures and increasing reports of mortgage fraud, rates have generally remained low and stable. I suspect that you, like myself, may be self-employed and prefer the no-doc type of loan. Rest assured that there is still hope. I finally got around to refinancing my primary home late last year in order to eliminate an adjustible second, savng an additional 1/2 percent using a no-doc loan. Having good credit and working with a reputible lender are the keys for using this type of loan product.

Best wishes - Ted
0 votes Thank Flag Link Sun Jul 8, 2007
TED SHOOP, Real Estate Pro in Buford, GA
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