I hope I have titled this correctly…no doc=no income or asset verification right? Is it possible to get one with no down, do lenders do this? My hubby has scores in the 740’s and I am in the mid 600’s.
These loans are possible however it depends on some different variables. Its called a NINA no income no asset.
However if you are employed but dont wish to verify income or assets than use a SISA (stated income stated asset) loan.
YES THIS IS POSSIBLE, DO YOU BOTH WORK? DO YOU RECEIVE W-2 AT THE END OF THE YEAR? HOW MUCH DEBT DO YOU HAVE? WHERE DO YOU LIVE?
STEPHANIE
A true “no doc” loan is slightly different than NINA(no income no assets). A NINA will require verifictaion of emplyment (so cpa letter or business licence if self employed or verbal if w-2 or 1099 employee) no doc loans are loans for high credit (740 would qualiy) and on these loans no employment, assets, etc are disclosed. If you are employed, a “stated” loan (state your income & assets, but don’t verify) is your best bet. These loans were originally created for self employed borrowers, but can be done on w-2 borrowers. Stated is best rate if you can verify employment, I’ve done the financing for several stated loans recently and its a great program with competitve rates…What state are you in?
ALL OF YOU LOAN OFFICERS ARE NOT ANSWERING HER QUESTION ALL THE WAY and MISLEADING HER I am really disappointed in you guys. You have SELECTIVE READING GOING ON!!!
She is asking can you get either a NO doc or NINA with NO MONEY DOWN. Usually not and it can depend on the lender if you can any seller financing to increase the CLTV and that is dependant on the lender also and the question is usually not to both accounts
The lenders that lend with these programs don’t lend with high LTV on this type of loans because it is consider a very high risk loan that is why they don’t to lend ver much to protect their position with the collateral Usual ltv is 90%-80%LTV for owner occ and 80-70 %LTV for NOO (now there are always expections to this I am only stating the majority of lenders LTVs)
SHE ALREADY KNOWS THE PROGRAMS EXITS!! just not how they work!
My questions to JUSTME are
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What type of property are your trying to buy? single family or multifamily?
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Are you planning on occupying the property or is it an investment?
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If it is an investment property what are your exit strategies and how long to you plan on keeping this property
4.How do you make your money and for how long?
- How much income is verifiable (taxes,w2, bankstatements)?
6… How much do you pay monthy for comsumer debt?
Richmortgagebroker-You seem a bit pompus, but I guess your’e right about the not answering her question…either way.
Justme-We have owner occupied programs for no doc & nina as they call it with 5% down. So there you have it. Like richmortgagebroker said, is it owner occupied or an investment?
Well loaner,
I just get fustrated with mis-information that is rampant in this forum I am not pointing fingers at anyone in particular so don’t mis-understand me I know that some loan professionals that are on this forum are just not giving correct advise.
Thanks for the responses. My husband and I have decided if we attempted this it would leave us overextended, so we aren’t going to persue it. Thanks for all your input.
JUSTME–Don’t get discouraged. It takes some work–to make money in Real Estate. Overextended is not good–BUT LEVERAGE (using other peoples money to make money) can work to your benefit.
Yes–you have to buy right (and sell right) to make money in any Biz.
Are you overextending or Diversifying your net worth?? As for NO DOC or “STATED” income—it depends on if your husband is employed past two years or currently unemployed. True “No Doc” programs are for best for unemployed (or fixed income retired people). NO Doc programs will go up to 95% on Non-Owner single family properties with middle credit score min. of 680 (up to $625,000). “STATED” programs will go 100% (1-4 family) with lower scores. With Your Husband’s 740 score-- 100% financing --should be no problem.
Again–overextended is a problem–we don’t by real estate to become overextended. We use leverage to improve our profits thru the purchase of real estate. (it is no different than any other commodity–Oil futures, Sugar, Stocks (and stock options)). RISK versus REWARD