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Asked by contact_bansi, Hoboken, NJ Mon Apr 8, 2013

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Answers

12
, ,
Sun Apr 14, 2013
No doc loans are reserved for self employed indivduals who own at least a 25% stake. The lender must verify the business has been registered/licensed for 2 years and the assets must be in a recognized instutution.

If you have further questions, feel free to call me.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Wed Apr 10, 2013
Great - hope my friend is able to help you!

Good luck!
0 votes
contact_bansi, Home Buyer, Hoboken, NJ
Wed Apr 10, 2013
Many thanks to all of you for your answers. I think I have enough information and contacts for now.
0 votes
Andrew Tisel…, Agent, Clifton, NJ
Tue Apr 9, 2013
Craig Andriulli

Vice President

NMLS #212830

Bond Street Mortgage, LLC

NMLS #191351

Cell: 201-647-4180

Office: 201-918-4980

Fax: 201-918-4981

Email: Craig@BondStreetLoans.com
0 votes
Gregorio Den…, , San Diego, CA
Mon Apr 8, 2013
No doc doesn't mean you get to make up an income. If you don't have an income then you don't have an income. Putting down that you do is fraud. No doc or lite doc loans still execute the 4506T.
0 votes
Camille Mar…, Agent, Millstone, NJ
Mon Apr 8, 2013
Please call Bob Aistrup. if you have assets you can get a non-recource mortgage. If you can e-mail me at crmmarotta@aol.com I will give you his e-mail address and phone number.
0 votes
, ,
Mon Apr 8, 2013
The first 2 things relating to your question are, Hudson City was bought out by M&T Bank, and from what we have heard will only be doing these loans for another month. Keep in mind, they are NOT No Doc. Investor Savings requires 50% down. These are Reduced Doc, or State Income.
Based on what you have said about your employment situation, you would not qualify for either of these loans. To qualify, you would have to be self-employed for at least 2 years. Even if you changed from being a W-2 employee to a 1099 in the same industry, regardless of past income, you would not qualify.
There is no one who does the old kind of asset based lending. If you had a very large amount of assets, in the multi-million dollar range, then there are loans that allow for what is called asset depletion, but this doesn't seem to be the case for you either.
It looks like you will have to wait to purchase. What I would recommend is that if you do want to buy in the future, make sure that your accountant gives you as much income as possible, rather than looking to give you the largest amount of losses to keep your tax liability low.
0 votes
Diane Glander, Agent, Spring Lake, NJ
Mon Apr 8, 2013
I have a rep at Prospect that can do no doc loans and I might have someone at Wells. Message me as I do not post others personal information on websites. You can reach me via Trulia or my website below
Web Reference:  http://www.dianeglander.com
0 votes
Tressa "TERI"…, Agent, Westfield, NJ
Mon Apr 8, 2013
Try Rick DeVogel at Weichert Financial 908-654-7777. Feel free to contact me with questions or for assistance.

Teri Malone
732-423-2792
Teri@Westfield-Area-Homes.com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Mon Apr 8, 2013
Well, I happen to know a loan officer at Investors Bank - so you could give her a call and see if what you heard is true!
I have discussed their no doc loans with her, but am not sure what the current status is.

Email me and I will be happy to give you her contact information.

Debbie Rose
Prudential NJ Properties

email: Debbie.Rose@PrudentialNewJersey.com
0 votes
Marilyn Hold…, Agent, Westfield, NJ
Mon Apr 8, 2013
Send me an email -- I have a few mortgage reps that may be able to help you. You may need to put down more than 25% -- you didn't say whether you were looking for a primary residence or an investment property. Your FICO Score will of course come under scrutiny.

Our office is based in Westfield, but I can assist you with any of the Towns you mentioned.

Regards,

Marilyn Holda-Fleck
Prudential NJ Properties-Westfield Office
Marilyn.Fleck@prudentialnewjersey.com
Cell/Text: 908-456-0779
0 votes
Matthew Simo…, Agent, Clark, NJ
Mon Apr 8, 2013
Call me, Ill see what I can do.

732 320 6299
0 votes
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