Is it possible anymore to get a no-financial-background check mortgage with a high downpayment (my 3rd home, I am retiring, low cost condo)?

Asked by Wmbos, Louisville, KY Sun Mar 6, 2011

I am relatively well set financially, in the process of retiring, and I want to buy what for me would be an inexpensive condo (less than $120K). I could put 50% down, if I can get a no-questions-asked mortgage on the remaining 50% of the cost. I bought my second home that way around 1990. My first home is a co-op in New York City. On the two homes I have close to $300K mortgaged (against over $1 million in value), but my income is lower than this would indicate (I inherited and invested well) and, with my retirement, will be lower still. I don't want to dip into my retirement and investment accounts any more than for the $60K or so for the down payment. Have all high down payment with "no questions asked" mortgages gone away in the current economic downturn, or can I still find one, even at a higher rate and for a shorter term?

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Ronnie Bramer’s answer
Ronnie Bramer, Agent, Fort Thomas, KY
Sat May 21, 2011
I agree with the others. You will not be able to get a no questions asked mortgage. You can borrow against a C.D. or some other type of secured acct. If you shoot me an email might be able to find a bank that could hold paper on a REO. but they would still want some background checks.
0 votes
Rudy McDowell, Mortgage Broker Or Lender, Bloomfield Hills, MI
Mon Mar 7, 2011
Hi, Wmbos. The days of SISA (Stated Income Stated Assets) and NINAs (No Income No Assets) are over. It was these programs (overly abused and used) that help contribute to our current financial crisis. Borrower now have to show and prove their income. Sorry.
0 votes
Dianne Y. A…, Mortgage Broker Or Lender, San Antonio, TX
Mon Mar 7, 2011

If you were going with a typical, traditional type of residential mortgage loan, the answer would be NO. However, having said that, I would suggest that you either go to your banker or where you have your investments to get a loan secured with the property. I've been able to get two of my clients financed with a Federal Credit Union. They deposited at least $200K in their institution and they put 30% down payment on a $400K property. Also, there are companies that will offer asset-based financing. So, given your assets and your down payment amount, your bank may be willing to give you a loan to finance the remaining balance.

Just ask your local banker. It beats the high priced hard-money loan. I will look for the company that offered the asset-based financing and try to get this info to you. Just email me your info at

All the best to you!


Dianne Y. Ayala Steffey, MBA, CLU, ChFC, NMLS #267658
Sterling Mortgage Services NMLS #373771
2929 Mossrock, Ste 222
San Antonio, TX 78230
210.349.1544 fax
210.831.8749 cell
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Sun Mar 6, 2011
Not from traditional lenders, hard money lenders or private investors perhaps. Never has been a no credit check mortgage in Louisville from institutions to my knowledge. Even No-Doc loans required a credit check. I know a couple of local hard money lenders if you need one.
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