Q&A: I need a no doc or stated income loan on my personal home that is paid for. I have a fico score in the 800.?

Posted on Oct 3, 2012 in Stated Income Loans

Question by gregwhatshisname: Has Freddie Mac started to introduce any loan modification programs for banks?
I have been unemployed for the last 60 days and my Credit Union has been telling me that Freddie Mac keeps delaying these “Webinars” that need to be held before any loan modifications can take place. The C.U. has told me for the last three weeks that they have not been told what the qualifications are in order to get a loan modification. Is this true? Do I have to wait for my credit union to have a “WEBINAR” with Freddie Mac before I can get a loan modification?

Best answer:

Answer by golferwhoworks
so far they have done nothing

What do you think? Answer below!
Question by ewilliam: Questions about an FHA mortgage?
My girlfriend and I are in the process of looking for our first place. We found the condo we’d love to purchase and are now looking to take the next step. The condo price has been reduced to $ 140, price 000 and we are located in Michigan.

It seems we’d be looking into a FHA loan for 30 years, dosage but I have some general questions about getting a loan based on our credit and income. Hopefully someone can give me some insight so I know what to expect.

Basically she is a 728 credit score and has always paid everything perfect. As for her income she makes around $ 40,000 per year. Myself am much lower with my credit score at a 587 and make around $ 45,000. With my credit, I have never really paid anything late, have never defaulted on anything but between three credit cards I hold with a combined limit of around $ 3500 the cards are maxed out which I know is hurting me right now. I am in a position where I can completely pay them off right now or at least pay them down almost all the way depending on what is more beneficial to my credit score. I can’t think of any other reason my score is where it’s at right now. If I do pay them off or down, will I even see much of a quick rebound in score, or enough to make any difference? I have two 30 days late on credit cards in the last 5 years showing on my credit report, and have never been late on an auto loan payment – payments ranging from $ 340-$ 650. My current highest minimum amount due on a credit card is $ 60 per month. Hopefully that helps give some background to my situation.

So all in all if someone can offer me a little help or advice I would appreciate it. Also, do they use both scores on a joint mortgage and how do they take both incomes into account?

Thanks in advance!
Thanks for the responses so far. No, I have not been pre approved yet. That’s the next step. I was referred to someone, I emailed and called today, however their email response said they are out of the office until the 29th of this month for the holiday.

Since this is all new territory for me I’m really not sure who I should take to other than the person I was referred to by the condo community.

What exactly will I need to provide in order for a pre approval? Should I be shopping around, and if so, how do I go about doing so? Sorry for the ignorance on this subject, this is all unfamiliar.

Best answer:

Answer by src50
If you are both on the loan, they consider both credit scores. Pay off your credit cards and wait 60 days. That should help your credit score.

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loan no income
by eyewashdesign: A. Golden

Question by American proud: I need a no doc or stated income loan on my personal home that is paid for. I have a fico score in the 800.?
I have never had a problem paying my loans. I have a home that is paid for and a high credit score in the 800 range. I need a heloc or a first mortgage to buy rental properties with. This would be a cash out.

Best answer:

Answer by Melissa P
with your score that high, treatment there used to be what was called a stated income/stated asset loan. with the way the laws have changed in the past couple years, no rx i don’t know if it still exists…but that is how we got 0our home. because our credit was so good, page they took our word for it when we told them what we made (which was actually the truth…we didn’t want to get more house than we could afford), and there was no kind of verification on it at all. the theory is that if your credit is that good, you don’t want to ruin it by defaulting. like i said though, i don’t know if they still offer that type of loan, but you can talk to a personal banker about it. good luck!

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One Comment

  1. With all the banks’ problems, I have been told there are no longer no doc loans. Without being able to prove an income ( or have a satisfactory one) the only money available is hard money – at 16% interest! I tried to do the same thing – and my HELOC that had no balance and $ 26,000 available was changed to zero available until I pay for a new appraisal. My friend with over $ 100,000 available and a 6 digit income had the same experience, with a HELOC also. Now banks are being verrrrry verrrry careful!