Is it impossible to get a non verification loan with half down and a 700 credit score?

Asked by Lisa, Hebron, IN Thu Aug 8, 2013

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Susan Schulz, Agent, Chesterton, IN
Wed Aug 14, 2013
Lisa- It is not impossible, but speaking directly to a Mortgage Broker is your best bet to find out. As I always say, Realtors are not the experts in mortgages/loans nor should we try to act like we are. (we are not suppose to!) I have a few very good financial folks and can give you names and numbers as you look forward to looking for a new home! You may contact me directly for the referrals and any other questions you may have in regards to home buying.! Susan Schulz 219-405-8326
1 vote
Linda Howard, Agent, Valparaiso, IN
Fri Aug 9, 2013
Lisa, most lenders doing these types of loans are looking for at least a 720 DTI credit score. However, having said that it still may be possible. Typically these types of loans are ARM loans. Also, a non verification loan is only for certain types of properties, such as single family residence. Most lenders will be looking for and will want to verify at least the last 60 days of transactions in and out of your bank account that the buyer will have to account for. If you're self employed, lenders will probably want at least the last 2 years of information to acquire. While not impossible, they are tough but of course worth it when you end up with the home of your dreams! If you need to speak with a lender, give me a call and I'll give you some names of lenders you may want to contact.
1 vote
James Deskins, Agent, Worthington, OH
Wed Aug 14, 2013
No-doc and no-income verification loans are basically impossible.

Yes, I'm a Realtor, not a lender. But I'll bet I"m right.
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