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

Question

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.

Pierre M. · Answer

Redeals,

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

Thanks,

Rene' Casey · Answer

"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.

Pierre M. · Answer

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,

Scott Miller · Answer

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

Thomas C. · Answer

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.

Scott Miller · Answer

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

Account Closed · Answer

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

Eric Foster · Answer

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?