No Doc Loans....??

[me4drvr]

Does anyone have experience with these?? The dilemma is that we started our business back in March and have done quite well since, and see nothing but growth in the future. My business partner and I want to get a house in Havi but the whole new business thing, banks won't touch us. Our paycheck income is 80k, but we actually make the higher 100's after draws and bonuses. I've heard there are 2 types of loans, a no-doc and a stated income. What are the differences?? Has anyone had success doing these loan?? Credit scores for me is around 710 and my partner around 690, this is the lender score, not the one prived for free from the credit agancies (why they are different, I have no clue). Any help or referrals would be awesome, expecially if you've done business in Havi.
Thanks

[totenhosen]

aa

[76ANTHONY]

pm essexjet, he knows both... he helped me with some questions..

[Do F150's Float?]

Both are options for purchasing - rates are typically higher for these programs, but it would be beneficial for you situation. If you like, feel free to give me a call - I'm a processor for a mortgage broker in Long Beach.
- Amanda Penny (562) 997-9000 X228

[76ANTHONY]

Both are options for purchasing - rates are typically higher for these programs, but it would be beneficial for you situation. If you like, feel free to give me a call - I'm a processor for a mortgage broker in Long Beach.
- Amanda Penny (562) 997-9000 X228
oh man when i get bored today your gonna be busy :D :D :D amanda....
shouldnt that be A- MAN- DUHHHHHH :D

[Do F150's Float?]

oh man when i get bored today your gonna be busy :D :D :D amanda....
shouldnt that be A- MAN- DUHHHHHH :D
Ohhhhh no..... :jawdrop:
that's ok...i'll have my receptionist call screen you :D and if that doesn't work, i'll have my assistant abuse you! :hammer2:

[76ANTHONY]

Ohhhhh no..... :jawdrop:
that's ok...i'll have my receptionist call screen you :D and if that doesn't work, i'll have my assistant abuse you! :hammer2:
OH YEAH, THATS WHAT IM TALKIN ABOUT :D :D

[Do F150's Float?]

OH YEAH, THATS WHAT IM TALKIN ABOUT :D :D
:D I knew you'd like that.
But seriously, I've been processing for over 3 years, I pretty much know all the programs, lenders & how to work them! So, I'd be happy to answer anyone's questions really... ;)

[76ANTHONY]

:D I knew you'd like that.
But seriously, I've been processing for over 3 years, I pretty much know all the programs, lenders & how to work them! So, I'd be happy to answer anyone's questions really... ;)
i now know that, i'll keep that in mind when i call and say, hello i need to speak with amanda, who is this, oh this is a customer named jon, ive known her for three years and shes helped me so much with all my loans :D :D :idea:
im just teasin you i wont call.TODAY :D

[Mrs. Bordsmnj]

Hey Nan,
Any word on our situation? :confused: :redface:

[me4drvr]

How is the success rate?? The houses we are looking at are around 450-500k.. Have you had a lot in the past??

[Do F150's Float?]

How is the success rate?? The houses we are looking at are around 450-500k.. Have you had a lot in the past??
It's all dependent on a few factors - the main ones being fico score, verifiable reserves and loan to value ratio. The ficos are pretty good in this case, but here's a couple of questions for ya...
1) Are you purchasing for investment, primary res. or 2nd home?
2) Can you verify enough funds to close + about 6 months PITI?
3) To go no doc, lenders need to see verifiable rental or mortgage history, and some will factor in "payment shock".
4) Are you looking for 100% financing, or would you be putting money down?
FYI - Most loans these days (in So. Cal especially) are stated! We have a branch office in Arizona - this is the only place turning out "full doc" loans.

[Larry Nebb]

Both are options for purchasing - rates are typically higher for these programs, but it would be beneficial for you situation. If you like, feel free to give me a call - I'm a processor for a mortgage broker in Long Beach.
- Amanda Penny (562) 997-9000 X228
sweet! I'll give ya a ring and then your F150 will float again.
Larry

[Do F150's Float?]

sweet! I'll give ya a ring and then your F150 will float again.
Larry
Cool - always glad to be of help to HB'ers :smile:
Plus (unlike some loan officer's i've known) I actually know what I'm talking about :p

[ChumpChange]

How is the success rate?? The houses we are looking at are around 450-500k.. Have you had a lot in the past??
Maybe you should look for a house.......let's say around $325,000. I got one for you. If you want to pay $500,000 for it, I'll accept that as well. :)

[Bre]

Does anyone have experience with these?? The dilemma is that we started our business back in March and have done quite well since, and see nothing but growth in the future. My business partner and I want to get a house in Havi but the whole new business thing, banks won't touch us. Our paycheck income is 80k, but we actually make the higher 100's after draws and bonuses. I've heard there are 2 types of loans, a no-doc and a stated income. What are the differences?? Has anyone had success doing these loan?? Credit scores for me is around 710 and my partner around 690, this is the lender score, not the one prived for free from the credit agancies (why they are different, I have no clue). Any help or referrals would be awesome, expecially if you've done business in Havi.
Thanks
If you still need help I can also help you.

[C-2]

I've also got a guy who can get anything thru. I've done several over the years and of course, getting around your "reported" income is the toughest part. This guy is good, the best I've seen and I've worked with about 5 or 6 over the past ten years. He promptly returns calls (actually he's almost always available) and has worked in the past as an appraiser, then loan officer, and for the past 20 years as a broker. He's got incredible contacts and even if you knocked 100 off that FICO score, he could find you a loan at non-predatory rates.
If F150 can't find a program which fits your needs, I can PM you his number.
Stay on top of those estimated taxes!

[me4drvr]

Hey ChumpChange, how big is the house?? Where at?? Pm me or through the details on here...
How about we negotiate around asking and I buy you a case of Keystone :P
Aw hell, I'll splurge and get some new aluminum bottle Michelob...

[LBZROCKS]

Hey Me.. If F150 has you case handled then I'm sure you're good.. If need be, I may be able to offer some assistance. Give me a call 1-877-247-4799.. I'll shoot you a PM as well... I've dealt with your sceneario a few times in the last couple of months.
Does anyone have experience with these?? The dilemma is that we started our business back in March and have done quite well since, and see nothing but growth in the future. My business partner and I want to get a house in Havi but the whole new business thing, banks won't touch us. Our paycheck income is 80k, but we actually make the higher 100's after draws and bonuses. I've heard there are 2 types of loans, a no-doc and a stated income. What are the differences?? Has anyone had success doing these loan?? Credit scores for me is around 710 and my partner around 690, this is the lender score, not the one prived for free from the credit agancies (why they are different, I have no clue). Any help or referrals would be awesome, expecially if you've done business in Havi.
Thanks