Stated Income/No Doc Loan for more than 80% LTV ???

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Stated Income/No Doc Loan for more than 80% LTV ???

G P
Triangle, NC · Member since 2008 · 4 posts · 0 votes

I am looking for a no documentation loan that could cover more than 80% LTV. Are there any 100% loans of that kind out there. I am in NC.

Any other ways I could finance a home on a temp job. It is preventing me to go the conventional way. I have very good scores (>700).

Thanks.

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  • Eric Foster
    Real Estate Investor · Portland, OR · Member since 2008 · 1k+ posts · 23 votes
    18y
    Originally posted by "schmick":
    ...no documentation loan that could cover more than 80% LTV. Are there any 100% loans of that kind out there?...

    I would say to find local mortgage brokers and start dialing for dollars... Don’t think that exists anymore... But maybe with those scores it is still possible…

    Have you considered a co-signer that can prove income?

    0Reply
  • Account Closed
    Real Estate Investor · Fort Wayne, IN · Member since 2008 · 424 posts · 5 votes
    18y

    I have been told by a few of our local lenders that those types of loans went bye bye.

    0Reply
  • Scott Miller
    Real Estate Lender · Member since 2008 · 642 posts · 13 votes
    18y

    Is this an owner occupied or investment transaction? Purchase or refinance?

    There are still SISA and SIVA programs for owner occupied transactions that allow up to 90 LTV assuming that your mid score is above 680---you would need a 720 FICO to do the same for an investment property...

    Regards,

    Scott Miller

    Originally posted by "schmick":
    I am looking for a no documentation loan that could cover more than 80% LTV. Are there any 100% loans of that kind out there. I am in NC.

    Any other ways I could finance a home on a temp job. It is preventing me to go the conventional way. I have very good scores (>700).

    Thanks.

    0Reply
  • Thomas C.
    Banker · Orlando, FL · Member since 2008 · 26 posts · 0 votes
    18y

    Yes you can go NINA up to 90-95%, but most lenders have a Straight to Close type of loan.

    If the credit is good, the loan makes sense, they might not even ask for income doc's.

    Give me a shout some time.

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  • Scott Miller
    Real Estate Lender · Member since 2008 · 642 posts · 13 votes
    18y

    95% going NINA?

    Is this something that WF offers on the retail side---I just checked the wholesale guidelines and it is a no go...

    Regards,

    Scott Miller

    Originally posted by "wellsman":
    Yes you can go NINA up to 90-95%, but most lenders have a Straight to Close type of loan.

    If the credit is good, the loan makes sense, they might not even ask for income doc's.

    Give me a shout some time.

    0Reply
  • Pierre M.
    Involved In Real Estate · La Verne, CA · Member since 2008 · 47 posts · 1 vote
    18y

    I believe Wellsman is referring to running the applicant full doc under DU or DO. If the credit score is high enough, and loan makes sense then you can ignore the documentation in the findings. Some lenders charge a fee for ignoring those findings.

    However, this is not a NINA loan. This is a full doc loan that can be approved without documentation.

    Correct me if I'm wrong Wellsman.

    Thanks,

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  • Rene' Casey
    Member since 2008 · 2 posts · 0 votes
    18y
    Originally posted by "schmick":
    I am looking for a no documentation loan that could cover more than 80% LTV. Are there any 100% loans of that kind out there. I am in NC.

    Any other ways I could finance a home on a temp job. It is preventing me to go the conventional way. I have very good scores (>700).

    Thanks.

    "660, No Doc" Program, Investor rehab loans
    100% of the repair funds so long as the LTV does not exceed 73% ARV (after repair value)
    No max loan amounts
    Max LTV calculation will include the purchase price, costruction costs, purchase closing costs, points, and an interest reserve for the term of the loan.
    For loan amounts over $375,000, the max LTV is 68%.
    6 month term. (We have permanent financing available via other lenders).
    No monthly payments!
    Two rate programs available.

    This program is available in the following areas:
    FL: Jacksonvilee, Fort Lauderdale, & Tampa Bay
    SC: Greenville & Spartanburg
    NC: Winston Salem, Raleigh, & Charlotte
    VA: Richmond, Hampton Roads
    DC: Washington DC
    MD: Baltimore
    PA: Philadelphia, Pittsburg

    For more details, just reply to this post, as I am a new member and cannot leave my email yet.

    0Reply
  • Pierre M.
    Involved In Real Estate · La Verne, CA · Member since 2008 · 47 posts · 1 vote
    18y
    "660, No Doc" Program, Investor rehab loans
    100% of the repair funds so long as the LTV does not exceed 73% ARV (after repair value)
    No max loan amounts
    Max LTV calculation will include the purchase price, costruction costs, purchase closing costs, points, and an interest reserve for the term of the loan.
    For loan amounts over $375,000, the max LTV is 68%.
    6 month term. (We have permanent financing available via other lenders).
    No monthly payments!
    Two rate programs available.

    This program is available in the following areas:
    FL: Jacksonvilee, Fort Lauderdale, & Tampa Bay
    SC: Greenville & Spartanburg
    NC: Winston Salem, Raleigh, & Charlotte
    VA: Richmond, Hampton Roads
    DC: Washington DC
    MD: Baltimore
    PA: Philadelphia, Pittsburg

    For more details, just reply to this post, as I am a new member and cannot leave my email yet.

    Redeals,

    I would really like to learn more about this "no doc" program. Please email me

    Thanks,

    0Reply
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