Q&A: What would my interest rate be for a no-doc home loan?

Posted on Oct 13, 2012 in Stated Income Loans

Mortgage Rates: Low Mortgage Rates Steady After Release of Fed Survey
Current FHA 30 year fixed mortgage rates are as low as 3.000%. FHA loans have several different mortgage options available for consumers to choose from, look doctor such as rehab loans to energy efficient loans. Some of these products are designed to make funds …
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Current Mortgage Rate Chart – Lenders Lower Rates as Benchmarks Nose-Dive
(Best Syndication News) Mortgage interest rates were lower again as investors moved their money into safe-havens (see the mortgage rate charts below). SunTrust, decease ed PNC, rx Bank of America, and U.S. Bank lowered their rates as secondary lenders matched cuts …
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FHA Streamline Refinance Offers Multiple Savings
As mortgage rates continue to reach new record lows, interest in the FHA streamline refinance continues to increase. Many homeowners are currently holding higher rate FHA mortgages that were obtained prior to 2009. The FHA … These FHA mortgages are …
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Oakland seeks to stop scourge of foreclosures with million plan
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Mortgage servicers dropped the ball, study says
The researchers found great inconsistency in how large servicers responded to the program. Notably, in what they called a "muted" response, some large servicers offered half as many loan modifications as other companies. The more active, more …
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Study: Home modification program falls short
By December, the program — combined with modifications outside the program — will have helped roughly 1.2 million homeowners modify their loans, far less than the three to four million the Obama administration promised when it introduced the program …
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Mortgage Rates: Low Mortgage Rates Steady After Strong Consumer Sentiment
Current FHA 30 year fixed mortgage interest rates are as low as 3.000%. FHA loans are available in a variety of options which are designed to make it easier for consumers to become homeowners. Down payments can be as low as 3.5% with credit scores as …
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FHA Loans Present Window of Opportunity for Minnesotans
So, treat at the risk of reiterating a tired advertising pitch, website like this the combination of falling interest rates, rising home prices, and the temporary reduction of mortgage insurance payments, combined with the convenience of the Streamline refinance, argue …
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Financial services legislative and regulatory update – September 17, website like this 2012
Specifically, seek the legislation would: remove barriers to competition by requiring the same streamlined underwriting for new servicers as they do for current servicers; ensure equal access to streamlined refinancing for all GSE borrowers; eliminate up …
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Mortgage Rates: Low Mortgage Rates Stay Firm as Refinances Soar
HARP is a non-traditional refinance that does not require an appraisal since loan to value caps were removed with the updated HARP 2.0. This program does require a minimum 80% LTV, but has no maximum since it is a … Until the end of 2013, borrowers …
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Question by Jennifer W: what company is the best home mortgage loan lender?
i am interested in refinancing my home and have a current loan with chase home mortgage. Which home loan lender it most popular or best to use?

Best answer:

Answer by Hannah
Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, help often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.

http://www.worldbestloans.com/Mortgage%20Loan.htm

A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, no rx he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

Add your own answer in the comments!
Question by jmrouleau88: What would my interest rate be for a no-doc home loan?
My credit score is 696 and the mortgage would be for about $ 165k. I have no verifiable income and no significant assets (hence no-doc).
It was through a builder’s auction…The builder’s retail is $ 295k but I don’t think it would appraise for that much. Maybe $ 225k.

Best answer:

Answer by Yanswersmonitorsarenazis
And the purchase price is what? $ 165K?

I don’t know if there’s anyone left offering more than 90% financing on a no-doc basis anymore, viagra 40mg but if you can get a loan, plan on rates in the 9-12% range. Seriously. These high loan-to-value no-doc loans have performed so poorly, the rates are sky-high right now.

What do you think? Answer below!

4avg.rating 27 votes.

4 Comments

  1. it depends on you LTV….what’s your property worth?

    it could be 6.5-12%

  2. Whatever you can work out with the bank. It there is tons of equity in the property you should be able to get a competitive rate. If there isn’t at least a pretty sizeable amount of equity you won’t even be able to get the loan, just go to the bank and ask them.

  3. Could you possibly use bank statements to document income? That would increase the amount lenders would extend you in relation to the property value.

  4. Every lender has their own guidelines and rate bumps for no doc loans. It also goes beyond just your credit score. You would be best off contacting a mortgage broker to get a fairly accurate quote.

    I am just going to “take a stab at it though” and assuming you have excellent credit, you can find someone to give you a no doc loan with a score under 700, and you are at or below 80% loan to value, you would probably be looking somewhere in the 7.5 to 8.0 percent range. See the link below in the sources for more information about no doc loans.