With the recent mortgage crisis, is it still possible to do no-doc loans?

Posted on Oct 24, 2012 in Stated Income Loans

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Question by Mscandia68: With the recent mortgage crisis, pills is it still possible to do no-doc loans?
I have a good credit score (720) and a decent down payment (20 %) but I have only been at my job 6 months, stomach and I don’t work there in the summer. I will have to find seasonal summer work and I know that usually doesn’t count in the calculation. I plan to have a roommate to help me make the payments. Are there any reputable mortgage companies that still offer a no-doc loan based on good credit?

Best answer:

Answer by Shannon J
Were are you located? It could be possible but you want to make sure you are able to pay for the loan. A mortgage broker or loan offer may be able to shop the loan for you(normally a little higher interest rate than a bank). Banks are more challenging but with your scores you may want to talk to your personal bank about a loan. With your scores and a downpayment this is likely. There is other things that would be considered such as assets, savings and ira accounts. Your dept ratio is what it would all boil down to. If you have someone else that would be going on the loan with you and they have some decent credit it could be even more of a chance of an approval. Be carefull….don’t let everyone pull your credit.

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One Comment

  1. Most of these programs have changed drastically within the past month. The quick and simple loan program requires 10% down, a credit score over 680 and 2 yrs at the same job/location. There are some other programs for those with good credit such as yours that will do stated with a 15% down pymt and stated income but this program is for areas outside the city limits.