Q&A: are there any no-doc loans (mortgage) available now?

Posted on Oct 2, 2012 in Stated Income Loans

Question by andmoreagain: are there any no-doc loans (mortgage) available now?
what do people do if they cant show steady income { work on straight commissions}but know they can rent out a place? a duplex for example?

Best answer:

Answer by lepr0kan
No doc loans are a thing of the past. Stated income and asset loans are still available to people with great credit if they have stable employment but it may vary monthly or if they’re self employed.

What do you think? Answer below!

4avg.rating 30 votes.

2 Comments

  1. Most of the places are done with the no doc loans AKA lier loans.
    However the few that still do them will require excellent credit fico scores. I would say you better have all three fico scores above 720 to do this. I would make some calls to lenders and ask em you might have to go through a list of 20 lenders to find one that still does it in your state geographic area.
    The old criteria then let lenders make these loans for a 620 score moved to a 680 score then recently have gone to a 720 from what I heard from a banker that was changing criteria in his region. The bankers generally all work on the same basis and so you will see this criteria across the board nationwide. The new 720 score and up will also have requirements to include better liquid when making loans as well as stronger assets in your financial statement.
    There maybe some hard money lenders out there that haven’t caught up with the curve and still be willing to do things other s are not but be prepared to pay heavy interest and points.
    Can you show a steady 24 months of commissions? That would go a long ways to make your loan. I know that isn’t no doc but this financial crunch has taken the easy money off the table. I like well fargo they have good loans

  2. I have one investor that still does “no doc” loans and he charges double-digit interest rates and won’t do one without 30% down.

    To me, it’s cheaper to put it on a credit card. I refuse to refer anyone to him.

    Legalized loan sharking.

    If you cannot prove that you can even work, then you really shouldn’t be buying a home.