Q&A: companies that do no/low-doc mortgage loans?

Posted on Oct 18, 2012 in Stated Income Loans

stated income loans
by eyewashdesign: A. Golden

Question by International: Stated income loans to people with good credit are essential for a recovery – can you push banks to start?
For the economy to recover banks must start lending to people with good credit who are willing to sacrifice a larger portion of their income for their mortgage. The old income to loan ratios dont work and people with great credit history will not default. What is essential is a higher down payment not tax returns! Stated income and low-doc loans have to come back and when they do the economy will bounce back instantly.

Best answer:

Answer by Ryan M
Stated income loans helped create the housing bubble to begin with. Those people who are willing to sacrifice a higher percentage of their income are a HUGE risk to the lender.

Know better? Leave your own answer in the comments!

home loan affordable program
by watchingfrogsboil

Question by RAJAN s: Making home affordable loan program?
My loan is owned by Freddie Mac. Like most people my house value is less that what I owe. But the above program lets me refiance. I called my bank and checked. But they told me that since my loan is owned by Freddie Mac I can only refiance with them and cannot shop for loan from other banks. Is this true? I heard that this condition does not apply to Fannie Mae owned loans. Wierd.
Thanks, cheapest I did mention that I meet the criteria per makinghomeaffordable.gov. But my current back say that I can only refinance through them as my loan is owned by freddie mac. If it was fannie mae owned loan then I could seek other banks for loan. Is this true is my question.

Best answer:

Answer by Pandas4me
go to makinghomesaffordable.gov and see if you are eligible for the program, pilule there are some guidelines you must meet.

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Question by gypsyecsa: What income are they looking for for the “making home affordable” program.?
I want to refinance, sildenafil not modify. Do they want to see that I make alot of money or a little? I know to refinance you must show you make a decent amount of money. They are asking for my bill totals and income, look does anyone know the ratio or what they are looking for?

Best answer:

Answer by Gaytheist Buddha
Rule of thumb is that you can afford a house that is 3 to 3-1/2 times your gross annual income.

Rule of thumb #2: Your mortgage payment (principle, viagra interest, property taxes, and insurance) should not exceed 28 to 33% of your gross monthly income. If you have no other debts (no car loans and you don’t carry a revolving balance on your credit cards) you may have slightly higher limits. Your total debt load (mortgage plus auto and other minimum debt payments) may not exceed 38 to 43% of your gross monthly income.

Good luck!

What do you think? Answer below!
Question by schecm: companies that do no/low-doc mortgage loans?
trying to find companies that will do unconventional mortgages for individuals or corps. LTV can be as good as 60% on a loan no larger than 400K total.

Best answer:

Answer by bron357
Given the credit problems everywhere, price no one does “no doc” or “low doc” loans anymore. They want great credit score, cheap proof of employment /income for 2 years and evidence of other assets plus you fronting up with a hefty size deposit. You can shop around, but success is doubtful unless you can meet the now, very strict and inflexible, lending criteria.

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4avg.rating 18 votes.


  1. LOL! They are all bust!

  2. You won’t be able to get that from any insured lender, it is no longer legal.

    You will need to borrow from someone lending under the table. Good luck with that.

  3. There are no more “low doc” loans..