Can someone explain to me what full doc means?
“If you were to be owner occupying and going full doc i can get to 90% with a traditional lender and then bring in equity for the rest.”
I need to know what this means.
Full doc means you can document all your income and assets. This typically means two years of W-2’s with continious employment or only a short gap in the same line of work along with bank statements and the equivalent 3-6 months worth of principle, interest, taxes and insurances in assets. If you can’t document, then you go stated income verified assets or a bunch of variations in between to the final no doc program which has the highest interest rates as opposed to full doc which should have the lowest.
Oh and if you’re full doc and owner occupied single family/condo you can easily go to 100% financing. Just that realtors don’t like when it’s 100% as there’s no down payment and very easy for the buyer to walk away from the deal if the financing falls through. Having at least 5% down would make the realtor happy. You also end up paying a slightly higher rate, probably 1% more on the other 20% by going to 100% instead of 90%. Hope this helps.
Sorry to go a little of topic here, but will lenders give 95%+LTV for a larger multi unit complex(ie 12+ units) if your going to occupy one of the units yourself?
thats a commerical purchase (5+ units) best you will generally get is 10% down…
If the property financials are strong enough there are ways to get 95% CLTV financing and even have the 5% required downpayment “gifted”.