[ F1 News: ] No Doc loans and their convenience

Posted on Aug 9, 2012 in Stated Income Loans

Question by Johnny: Does anyone know of a Bank or someone that give really low mortgage rates for first time home buyers?
Looking to buy a house in Virgina and am shopping around for low mortgage rates. Anyone know of any low rates?

Best answer:

Answer by Amy J
Fannie Mae has a program for first time buyers, buy order check with them. We used it here in OK but I couldn’t tell you the rates.
http://www.fanniemae.com/index.jhtml

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of 401 (K) 2012

Home Equity Loans FAQ
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Home Equity Loans – losses
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How can I repair to borrow money, a rental property loan specifically for the home equity through my?
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tax benefits for building societies purchases. non-equity loans Home equity loans are available for regular duty purposes (not alternative minimum tax), up to $ 100,000 in principle ($ 50,000 if married filing your registration status is disconnected) tax-deductible. Therefore, the benefit obligation …

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I need to instruct an application in, will be considered for a loan modification. Does anyone know what kind of debt / income ratio they look like? Please help! Do not look at your D / I. You are looking at your housing ratio. changes …

How can I approved for a home equity loan or strips of credit ? win I get rejected by the lender?
I decided to move to Florida and this year found a home I like to buy, the cost would not be deep. I was hoping to get a mortgage from one of the lenders get down here, and he seemed convinced it would not …

How to apply for home equity loans
In what State you live? If you are included with the PA, look in DE or NJ www.tridentmortgage.com you have first to own your home and have some equity in it. For example, you currently owe on a first mortgage 100,000 00 and your house is worth 150,000.00 base …

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As home equity loans work?
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How do I get an equity loan for domain & brand new construction on a home -I already have everything?
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How to win a home equity loan to purchase a vehicle?
How does a home equity loan work? Google HELOC. It is a loan that you take out, outside of your home loan. It is fresh because within 30 years of home loans. It usually has a better interest rate than your home loan though. If …
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Question by 5ladderjob: Does the FHA mortgage rate go up and down with the conforming rate?
If no, viagra dosage does it go up and down, drug and what causes it. Looking at 30 year fixed.

What’s your opinion on what they’ll be like this May.

Best answer:

Answer by mccray_51
Yes the FHA rates will ride the roller coaster just as the conventional loans will. No one can tell what the rates will look like in May…barring any major catastrophes, natural or man made, they should better. But no one really knows.

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HARP 2.0 refinancing program ultimately helps severely disabled homeowners underwater
National Mortgage Lender Network HARP, medications HARP Approval (http://harpapproval.com), responding to a recent report from the FHFA to an increase in the volume HARP refinance. The latest Federal Housing Finance Agency (FHFA) monthly report refinancing …
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Wells’ backs; Agency and the effects of HARP
In June, Freddie and Fannie loans refinanced a total of 382 539, and were more than 125,000 HARP loans. While the HARP loans were fairly evenly divided on F & F, Freddie Mac has a total of less funding and a little more HARP loans, had a …
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Senior Loan Officer survey examined views of HARP 2.0
In the specific questions lenders were first asked about their level of participation in HARP 2.0. Thirty banks said they had done HARP loans, but most of the reported saying of a small amount of funding through the program, with two thirds, there were less …
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by The Library of Congress

No Doc loans and comfort

get a loan sanctioned to a much more difficult task with the enormous amount of documentation that is required by most financial institutions. Losing minor financial issues from your past, help or one of many documents can lead to a declined credit. Then there is the problem of time. It may take up to months for a bank to investigate properly, information pills a traditional loan application. Many customers are afraid of credit, just because of the high level of documentation that they produce in order to apply for them. Some even believe that a detailed report of her personal life is risky for a loan. Guess what? There is a way to work at all. Several financial institutions have a new form of loans that are commonly used as No Doc loans or loans with no documentation known. They offer customers the ease of less paperwork, and ask only for the slightly higher interest rate in return.

If you do not have all the necessary paperwork in order for a regular loan or if you just need to qualify to get sanctioned a certain loans due to a sudden emergency, then no-doc loans are your solution.

No doc loan, you need a minimum of paperwork and reduces processing time significantly. Most of the time, financial institutions, just look for proof of income and residence in order to process no doc loans. There is no need for additional documentation.

However, it is not all nice and sweet. The lightness of the No Doc loan comes at a price – higher interest rates. It is basically a good choice for those customers who do must pay the higher interest rate and the loan approval can prompt. You have to weigh the pros and cons carefully before making your decision.

If the high interest rate seems like too much of a turnoff for you, think again.

How many times have you wished for a few extra money to get a lot? There are emergencies, like a dream for sale, home, with a time limit which is closer. No doc loans would be the way to go in such a scenario.

The bottom line is that if time is pressing you and you need a quick loan for any reason, then, no doc loans are the best choice out there .


More informaiton please visit here …

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