is it true i can choose to not disclose my income if my credit score is 620 or greater?

Asked by Stanley, kenmore/ton Sun Mar 2, 2008

been on unemplymnt for a few month and just finished school. About to get a new job but want to get into a home as a starter for about 70k or under to build equity. Can I apply for a mortgage?

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Debt Free Da…, , 85260
Tue Mar 4, 2008
You will need at least a 680 to start considering limited documentation loans.
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Peter Andres…, , Medford, NY
Mon Mar 3, 2008
There are a lot of programs out there. You really need to sit and talk to a mortgage professional. When I worked at Countrywide Bank as an Acct. Exec. in there sub-prime division, I could take an application by phone and within 15-20 minutes make a determination if one would be able to qualify for certain programs. I suggest calling and doing just that.
Call me(631)252-0631, I have pretty good connections and they are honest.
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Gail Gladsto…, Agent, 11743, NY
Sun Mar 2, 2008
There are various programs out there...speak with a mortgage broker. When your credit is a certain number, you can do what is called a "stated income" loan. Please check with a mortgage broker to see what the number should be.

If you are looking for a mortgage broker who might be able to assist you in your particular circumstances, contact me offline and I will make a recommendation.
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Artur Urbans…, Agent, Burlingame, CA
Sun Mar 2, 2008

You probably need to build up your credit history to qualify for a loan. Lenders like to see rental payments for at least 12 months or other utility payments. To state income, you either have to be self employed, or lenders will want to verify employment (even if they will not be asking for income. State income has to believable in a relationship to the job. Additionally, lenders provide mostly stated income, verified assets income these days. Verified assets mean that you have to be able to show savings allowing you to mike 6 month mortgage payments plus living expenses.
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Julie, , Buffalo, NY
Sun Mar 2, 2008
Hi Stanley,

Nice to see someone here from my neck of the woods. You say you just finished school? I wondered if you had anyone in your family who might co-sign for you? I am not a mortgage professional but I don't know what kind of program you can get without disclosing income. And, if you could I would worry about what the interest rate would be. I know an excellent mortgage specialist in your area, if you would like to contact me I will send you her number.
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