Asked by Alella, 29732 • Sat Apr 17, 2010
I have an excellent credit score and history, but am self-employed with much of my income from international sources, so a no doc or low doc loan would seem to be the way to go. I am looking to build an owner-occupied home on a lot which I own free and clear, but would like to finance about 50% of the value of the completed project. I am in an area where home values have held relatively steady, and the neighborhood is very stable (this will be the final lot to build in a rather exclusive development).
A few years ago, this could have been done with no questions asked, but I know that many lenders have recently pulled their no doc and stated income programs entirely. Are there any lenders out there still willing to make this type of loan? And am I better off starting with local small banks - with whom I have a long-standing relationship - or with one of the brokers of national scope specialized in such transactions?
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